Try the Environmentally Safer paint strippers... when I was stripping the multiple layers of paint off my 1918 OT HW, it would only take one layer at a time, so I could easily see each color, as I worked through all 6 or 7 of them...
Adam,
I've had good experience with 220 grit on a random orbital...just stay attentive and keep it moving with light pressure till you get the feel for how much it is going to go. You have more control to take off the top layer without harming the next than you might think.