Stripping all those layers of paint off my stool was really hard work. Lots of elbow grease involved. It's down to the bare metal and it looks great. It just needs a good scrubbing to get all the paint flakes that got stuck in the nooks and crannies.
I used a wire brush (which by the way was reduculously hard to find at Home Depot), some #0000 steel wool and some Simple Green to get it squeaky clean.
I tried to get it as dry as I could because it will easily rust with nothing protecting the metal anymore.
The next step is to spray it with a clear matte finish.