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Personally use stripper to do most of the work, some scrapping and then sand blasting to get into the nooks that the stripper always misses and to mechanically clean the surface.
I’ve has frames dipped before and it’s hard to find someone who will do a decent job consistently. If it’s new chemicals, the paint might fall off after half a hour. Or if they are being a cheap skate and using stuff that’s just gone, two days later and it’s hardly lifted.
Sure.
It'll eat the paint off.
With steel though you've obviously got to worry about rusting.
If you're going to use this process on steel, be prepared to use abrasives on the metal and then prime it as soon as possible.
And yeah... like Euan says... wear a HAZMAT suit.
[edited for spelling]