i've recently stripped down a P Bass and used Nitro-morse which is a chemical stripper.
It will remove the bulk of the paint in a few applications however it will not ged rid of all of it so be prepared to do some sanding as well.
An electric sander will save you a lot of time and effort, but you will still need to do some manual sanding as well.
Some of the paint or lacquer will have stained the wood so if you're planning to leave it natural finish then you may have to sand a bit deeper than you imaigined, so be careful not to sand too much in one area otherwise you will create a valley.
It's time consuming but bear in mind that the better the preparation the better the finished product will be!
