Tried the foil method to remove the lacquer but couldn't get it to work - user error no doubt. So then moved onto Nitromors paintstripper - however, the newer green stuff is not as potent so it took a few coats before I started to have any joy.
Started off with some course steel wool to remove most of it - quite fiddly around the welds (there are still some small bits left which I haven't had the patience to sort yet). Once the lacquer was out the way I could see any areas that needed particular attention - namely the chainstay which had small amount of chain suck - sanded this out with some course wet n dry.
Then I used a stepped-process of about 3 different grades of wet n dry (240 - 400 - 600). This left me with a good base for polishing.
I bought a cheap polishing kit for my drill off eBay a few weeks back and had already practiced on a couple of other frames and some old cranks etc. Again, this is a stepped process using 3 different drill attachments and two different grades of polishing block.
All in all - reckon I spent a good 6-7 hours doing this from start to finish - and I'm still not done!
I know others would much rather pay for a professional to do it for them, and I can see the benefits - however, I always saw this as a slow burner type project though and in a funny sort of way I found the polishing quite therapeutic...and I now have forearms like Popeye!!