Cleaning paint from cast alloy is a pain. Bead blasting is probably the best. When you get it back thoroughly wash and scrub it. One tip I was given was to stick it in the oven and heat it up. Remember to place it on a tray. Cast alloy is porus and glass beads can get stuck in the alloy. Heating it expands the metal and releases the beads. You'll get a layer of sand in the tray after.
Another method is vapor blasting this should be effective in removing the paint. The advantage of vapor blasting is the finish which has a glossy almost resin finish. This is just residue from the process and assists in preventing oxidization for a while at least.
I'm getting a 553 vapor blasted. Dropped it off yesterday. Should have it back in a week or so should be able to post some pics.
I hate powder coat. It chips then flakes off it cannot be touched up the only way you can remove it is to burn it off.
Grizzly (Aussie Mainline)