Couple of thoughts on the subject after doing a 'few' engines over the years:
We use a commercial paint stripping company at our factory, and anything that needs doing tends to get included with the factory stuff, so we get a reduced or nil cost :-))
The strippers use a variety of methods, the most environmentally friendly is to put them in a very large walk-in oven which runs overnight and reduces the paint to a fine powder/ash. There is no oxygen in the oven to speak of once the first bit has gone (it is an electric oven) so external fumes etc are minimal.
Once out and cooled off, the paint is gone with some slight surface marking but a brush over usually takes care of that.
The other method is wet stripping where they use a chemical to remove the paint. This is a little more involved, as the chemical will attack some metals and more importantly will attack cast iron if the solution is too strong or the parts are left in too long. The surface goes spongy with just the free carbon in the cast iron left on the surface. We lost a pair of small flywheels this way.
Sheet metal parts that are 'ovened' we usually get shot blasted then immediately Zinc sprayed, cast stuff depends on what we are doing with them, but anything cast will go rusty as you watch if it is shot blasted as there is water vapour in the shot blasting air and nothing to prevent immediate rust formation.
Zinc spraying is a gas flame process where Zinc wire is melted in a gas flame at high pressure and blown onto the heated and shotblasted surface, so no water vapour and a very good bond.
Pictures of some parts are on the trailer pages of our website:
http://www.oldengine.org/members/diesel/Trailer/trailer3.htmWet-stripped parts are washed off and dipped in an inhibitor which has to be removed before painting.
Of the two processes, the oven is probably better if you haven't got to worry about distortion of any parts, while the wet process is OK as long as you watch solution strengths. Electrolysis is another process which has applications here as well, but that is another subject entirely!
Peter