I like using a wire wheel on a angle grinder to clean off all the paint and corrosion then after that I sand everything by hand as for painting I don't have a good recommendation. I have in the past sprayed the louvers with a light coat of paint and then did door jams trunk jams etc basically burning up time to let it sit for whatever the time is recommended on the paint I think they call that flash time Don't quote me on it on it I'm not a professional painter I paint outside or in a garage and although I am getting better at it I am far from a professional... anyways then did the same thing again then but let it sit again and usually by the third time of repeating the processyou get a pretty decent coat of paint on the car as you are painting it The key is being patient which is something I really lack although I am getting better at it as I am getting older It's real easy to get runs in the louvers. Also a recommendation if you were going to paint the inside of the hood the same color as the outside paint the inside first let it fully dry once it is fully dry mask off the area of the louvers from the back side That way you don't get overspray on all your fresh paint because it'll make it look really dull and nasty and nobody wants to color sand the inside of a hood well at least I don't but I paint stuff with Rust-Oleum or $100 a gallon eBay special paint So everything I have needless to say is what I would call driver quality.
I'm not able to get the DA sander to into the louvers. There are so many of them. I wonder if I'll have to sand them by hand or if there is a smaller mechanical option this it better.
I'd prefer to use a good chemical stripper first like Jasco Aircraft Grade. Spread it on and use a stiff bristle brush to remove the paint once it bubbles up. Repeat as needed, then wash it with good soapy water and rinse when done. You'll have bare metal without taking off any metal, or scratching the surface up.
Might try blasting with Walnut shells. The video shows a large blaster but might be able to use one of those small handheld guns they sell.
I can't imagine mechanically stripping a ton of louvers, and both sides of the hood! I take hoods and such to the stripper and he tosses them in the tank. I pick up clean steel with no scratches in it. But, to each their own.
One option is to heat the paint using a propane torch with a fish-tail tip, then scrub the paint off using a wire brush. This is also the best way to remove undercoating or larded-on layers of body putty.
I have used chemical paint stripper then followed up with 2" 3M maroon roloc surface conditioning discs to clean between each louver. I also use those to clean paint around sharp body lines, belt lines, around window openings, etc.
In the past I have used: Sponge sanding block Pre radiused (home made) rubber block Finger ( your finger nail will grow back eventually and will be very sore while its repairing itself)
I had my model A panels soda blasted. Strips right back to the metal but with no distortion whatsoever.