I've stripped frames by chemical and sanding, and by media blasting, and hands down media blasting is the winner.
I now take frame, swing arm, and all the chassis parts such as stands right down to little brackets in at the same time. I string together all the smaller parts with mechanic's wire so they won't get lost, and my local industrial blasting outfit completely blasts all the parts down to bare metal, ready for a quick prep and paint, all for about $50 - $80. Then I paint the parts at home myself. I'll warn everyone - painting a round tube full double cradle frame is not as easy as it looks, and there is a lot of paint wasted in overspray, and it is very easy to miss entire sections from different angles. I find it best to suspend the frame horizontally from the ceiling by three points tricycle fashion, with the top most area about 44" off the floor. Start spraying into the hardest to reach or see areas first and work your way out to the easiest parts last. I prevent having to hand sand the frame in between coats by following spray applications within the flash off time recommended by the paint manufacturer. Apply the final finish coat on fairly heavy and wet, and work quickly to the outside to prevent dry pebble overspray finish on the first sections of tube sprayed. My buddy was a genuine expert at painting frames by the time he did his second one - as good as powder coat. I still end up getting a few spots with rough spots in a few places, but by working to the outside, I always end up with great results anywhere the frame is exposed on the finished assembled bike. For a quality job, I use an etching metal prep, and epoxy primer and paint, occasionally with 2 part clear on top. I only had one problem once with a swing arm and center stand where the paint started to flake off a few years later like big pieces of eggshell - I never did figure out why, as the frame didn't have the same problem, and I had sprayed everything at the same time...????
Powder coating requires a certain roughness / texture to the surface, so I just take the parts to whoever is applying the finish and they get them blasted according to their requirements - it costs more, but I don't risk having to pay for re-blasting, either.