Having just been down the "rebuild the motorcycle" road, I can tell you the black stuff on lever perches etc isn't that difficult to remove - if you've got a blast cabinet.
I bead blasted all my parts clean and then they were PC'd or polished.
Look at it this way. Which paint job would be better on your car? Stripping it to metal and starting from scratch, or giving it a quick sand, prime and paint??
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