When I read this thread and the recommended uses of grinders and 40 grit with a DA I thought to myself, "YIKES! There goes the body lines." Major Dad put new quarters and door skins on his Malibu, (nice project MD and congrats on doing it over a very tight schedule). Seriously, though be super careful with the DA's and grinders. It takes a deft touch and alot of experience to use one properly. A new guy, reading this thread might attempt it and ruin his project.
I'm with MD and agree that bare metal is the best foundation to start out with. That way you uncover any bad spots and can fix them properly before painting. Paint ain't cheap! It would be a shame to have someone's bad body work come back and haunt you later on.
Every method to strip has it's advantages and disadvantages. SprayStrip works good for chemical stripping. If you go with media stripping choose a gentle media and an experienced operator. Cleanup is a bit-ch though, media gets everywhere. Sometimes a combination of methods is what works best. Good luck with your project and reunion with an old friend.