Best to make the decision
It's best to make the decision on how you remove the old paint, till you see the old paint. If it's an ablative, it is probably not built up and the ablatives are fairly easy to remove. Some get away with pressure washing most of the ablative off. If it is a hard paint, and built up pretty thick, then most, if not all of it needs to come off. If the existing paint is flaking and coming off in places, then most of it has to come off. The fastest, cheapest and easiest way is probably to get yourself a 4 1/2 inch angle grinder, with a 7" adapter and a medium grit sanding pad. If you use a chemical stripper, you must as stated, protect yourself totally. If sanding, you can get away with a respirator. Also, be sure if you don't want to have to take it all the way to the gel coat, that you have a paint that is compatible with whats on there now.