I've started reworking a crappy made in Korea (or maybe China, can't remember) Squire P-Bass. The finish was scratched an dinged because it had been treated badly but otherwise ok. I used a whole can of paint stripper on it to gradually strip off the finish and colouring back down to the lacquer that they put over the bare wood.
To be honest this was the easy part, as I just sprayed on the stripper, put a layer of cling wrap (what you might call "Saran Wrap" in the states) over it to keep as much of the stripper from evaporating, then left it for a few hours to sink in. Then I took a scraper to it. You can afford to be quite rough with it because you still have to get through the clear lacquer underneath.
When I had got most of the finish off and I was down to the lacquer over the bare wood I got a small orbital sander and sanded the lacquer off gradually. It took a bit of muscle work and I went through a few sanding pads but got most of it off. The areas around the horns are a pain as most orbital sanders can't get in there, but you can buy an attachment for your drill or what have you.
At the point of getting the lacquer off, you have to be a bit more careful, especially around where the hardware mounts onto the bass so you don't put out any of the alignments. Hopefully I'll get around to fixing the routing on mine, getting the new bridge and tuners then staining it and putting it back together
