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My favourite for spindles etc are the soft pads in a fairly aggressive grit. Maybe the scraper set I linked a few pages ago might help too. There's no getting around it being a slow job though.
The ir stripping relies on the ir heating the wood under the paint so there's a good chance it would lift an oil based varnish, not so sure about water based. I don't think it would lift the stain but once the varnish is gone the stain should be easier to remove.
My next DIY project is to clean up a piece of oak that's worn and stained inside the patio doors where it gets stepped on during the winter. I will try ir on it just to see what happens.
I read something on one of brands website that said no, so haven't even bothered trying tbh. Makes sense as the stain on our woodwork clearly permeates the grain a bit.
I picked up a new sheet sander last night as well as a random orbital. Between those and the belt I'll have another go at it properly this weekend. Even tempted to pick up one of those little bobbin spindles for a drill for doing the Newell post curves.