Stripping paint from the engine on the cheap?

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So I picked up a 66 c10 recently and the engine (and other misc. parts) are sprayed a neon-y red color. I know it's scrape-able because I got it away from the seams when I pulled the water pump today, but when I was trying to clean away at the casting numbers it looks like there's a coat of white underneath and maybe even another coat under that.

I searched the forums and read recommendations from acetone, to oven-cleaner, to bead blasting. My limited budget should be going to repairs, but the paint is annoying the hell out of me whenever I lift the hood so I want to get it off without emptying my bank account.

I know oven-cleaner can be nasty stuff, but what about the acetone? Any considerations around the hoses and wires? Any suggestions for the best way to tackle it would be appreciated.