Yup, paint remover is the way to go. Sanding removes wood and changes the fit to metal, and rounds off the sharp edges.
Use 2-3 or more applications of paint remover until the wood looks uniform. After the stock is stripped, rinse with soapy water or TSP. (Don't let it soak in water or submerge it). Let it dry for a couple days, then use steel wool or fine sandpaper to smoothen it out.
Use coarser sandpaper only where you need to repair damage to the wood. Wipe it down again prior to staining of applying finish.
The best paint remover i've tried is Circa 1850.Available in hardware stores. Read the warnings on the container - this stuff can burn the crap out of you if you give it a chance.