A good time at the strip club...
Here are some pictures of the rear tub  and other parts being strpped. Also included is a few pictures of my basement, which is now more of a junkyard than basement. I think this is the worst place to try to restore a car, but when its 10 degrees out in January, the unheated garage is not the place to be.
Here is the rear tub, stripped of all external paint. No rust through, just some dents along the rear valance. Some filler is still in the deepest dents. The stripper softens the filler, but its still tough to remove.
Rear driver's side fender. I got this fender from Steve Merical (thanks!). I think the paint is the only thing holding the originals together so I'm not even going to strip those. This is about 50% stripped. Not much fun removing multiple layers of paint. The dogleg needs replacing. I'm going to try to make my own. Stipped the fender off the car proved to be difficult since the fenders are somewhat flimsly. So...
My process for stripping:
Chemicals: I've tried a couple of different barnds, but so far the best I've found is called Zip Strip. Ace Hardward sells a gallon for about $12, which should last quite a while. Lacquer thinner is also good for final cleanup. Coarse steel wool is also a must.
These, along with a metal paint scrapper and coarse steel wool are used to stip paint. Apply a coat, letting the stripper do the work. Scrap off most of the liquified paint with the scrapper then clean with the steel wool. The steel wool works great on the primer, which can be tough for the stripper to remove.
Here is a close-up of the deck behind the passenger compartment. I've sprayed the exposed metal with 'The Must for Rust' rust inhibitor. This keeps the exposed metal from flash rusting. I obviously can't prime in the basement.
I decided to mount the fender on the tub and then continue stripping paint. This was a lot easier since the fender was now more ridged and could be worked more easily.
In addition to the chemical warfare, I'll hit the metal with a 5" random orbital sander. Its really for wood, but by using 60 grit pads, it makes short work of removing stubborn paint. It also doesn't leave much in the way of sanding marks. I'm using 180 grit on the aluminum, and that also leaves a good finish.
Here is a close-up of the inside of the rear tub where I have been stripping the paint. This is where the steel wool really shines. With it you can easily get into all the small spaces where the scrapper doesn't fit. I still have some more cleaning to do, and I need to take care of some rusty spots also.
These parts are a lot easier to deal with when they are attached to something solid...like the car. The rear part of the  fender will need some work (lots of little dents and one big one where the taillight plinth attaches to), but its in decent shape back here.
Here's a picture of the fron of the fender. There was some heavy surface rust that was removed, but it left some pitting behind. The mounting flange will also need to be replaced. Filler should cover the pits and I can cut out a new flange out of sheet metal. The dog leg needs to be replaced. I might try to make my own, or chicken out and buy a patch panel. I haven't decided yet.
More picture of strippers on page 2!