Re:
Modern Paint strippers are not as effective as the old style Nitromors, but I use a product called Rustins Strypit, which is quite effective. Works better if you wire brush the old paint first though.
Personally I would get it powder coated, prices have fallen for this in the last few years, with more competition. I have a customer of mine who will do me a frame and fork to a good standard, bead blasted and then coated in a choice of 5000 plus shades for about £35/£40 to a fairly high standard. By the the time you have bought materials and factored in your time, DIY isn't really worth it.