I have recently been through this, having stripped the entire Cyclone down to bare metal. After experimenting I finally settled on a Porter Cable 6-in variable speed random orbital sander with 40, 80 and 120 grit paper.
Obviously, it doesn't have to be a Porter Cable tool, but I went the electric route because my air compressor doesn't have the capacity to run a DA sander. The result was excellent, quick and thorough through multiple layers of paint and old bondo -- although it does kick up a lot of fine particulate into the air and makes a heck of a mess if you're working indoors. A good mask is essential -- heaven knows what was in some of those old paint products.
On smaller items with compound surfaces, such as the fender extensions, headlight pots, cowl grates and various sheet metal struts and brackets, I used a local media blasting service. Simply threw all the parts into a box as I disassembled the car and then took the lot off to be blasted.
On the basis of experience with previous project cars I am not a fan of chemical strippers for large surfaces -- I find it takes multiple applications, is time consuming and very messy. And no matter how careful I am I inevitably end up with the toxic crap on my skin. I'm not adverse to using strippers on smaller objects where blasting isn't an option, for example, stainless of aluminum trim that has painted surfaces or requires the removal of damaged clear-coating (drain cleaner can be used for this). Also, on metal that has a lot of surface rust it is worthwhile using a rust neutralization agent -- I prefer Naval Jelly.
Finally, after a single experience of doing it, I will NEVER again have an entire uni-body car media blasted. I had media (sand, in this instance) coming out of the car for literally years afterwards -- and it's my observation that no matter how diligent you try to be in blowing it out before paint you never get it all.
Good luck with the job.