I just sanded mine, primed and painted.
In the end, I washed it extremley well, did a nice scrub down with the steel whool and then painted it with engine heat paint. I did 3 generous coats and then baked it in the oven for about an hour.
In the end it turned out pretty damn good, here is a picture.
Point being, you don't have to remove all of the paint to get a good paint job going on these things.