Well, here's where I am at after day 1.

I have stripped the tins from the bike.

Sanded the front and rear fenders with 320 grit paper and washed them down real well.

Used chemical stripper on the tank to take of "textured" paint. After taking off as much as I could with the chemicals, I used 150, 220 & 320 grit paper to takeoff the remaining paint. (The chemicals worked awesome in comparison to my last experience, but they were only taking off the previous owner's rattle can textured paint. It didn't do too well taking off the bits of the factory paint that I found under the texture.)

Gonna see if I can get some "metal prep" for the tank, but I'm still going to try and prime the fenders if I can tonight.

Here's some pictures of the progress:

Bike Stripped of all the tins:


Tins from the bike:



Chemical stripper working on the tank (This stuff BURNS if you get it on your skin  


Tins ready for the first coat of primer & metal prep on the bare tank:



I'll provide more updates as I move along, always open to suggestions along the way though...  

How nice. You have one of those cool, roll about seats. Mine is a piece of crap fiberglass milk crate with casters from a plastic cubby installed & some old carpet tied on for a butt pad..but Id race ya!

Hey, I remember that bike w/the webs and spikes!  
can't wait to see it finished  (great time to fix that
speedo rattle too) get some progressive shocks,
$200 wisely spent, or so I hear. Good luck.

...what color are you gonna paint it? pink?