A number of years ago I refinished my late 70's Precision that had a lacquer finish. What I did was get a large aluminum foil pan and poured in a gallon of lacquer thinner and set the body in the pan for several minutes. Then I used a paint brush and dipped it in the lacquer thinner and bushed the body as if I was painting it. I continued this process and had the whole thing completed in an hour or so (if I remember correctly). I didn't use any abrasives at all--just a paint brush. Doing it this way may or may not have taken any longer to get the finish off but I really didn't have to do any follow up sanding either.
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