I think if you want a top-quality paint job, the quickest way to remove the old paint is take the body to a shop that does "media blasting". This is similar to sandblasting, but instead of sand that can distort the thin sheetmetal, they use a media like crushed walnut shells or hard plastic beads. I've seen this type of job remove all of the paint, and leave the sheetmetal like new. The metal must be primered immediately or it will start to rust on the surface.
If you have any old surface rust on the metal, this process may remove it. If you have rust holes through the sheetmetal, you will need to cut that area out and weld in a patch panel or replace the whole panel. Areas other than the main body or tub (cab and cargo area) may be easier and/or cheaper to replace with new panels rather than trying to repair a large rust spot.
There is also chemical paint remover, which works fair if you have several layers of paint applied over the top of one another. You can strip the old paint down to the primer with that type of product. It's messy.
A dual-action, orbital sander can be used as well to remove paint or work on parts of the body like the interior floor or a single panel. You will go through alot of sanding pads if you do the whole vehicle, but it's another option.
For the average paint job, I think it's better to try to leave the original primer on the sheetmetal (if possible) rather than sanding down to bare metal. The primer is usually baked on and gives the new paint better adhesion. You may need a self-etching primer for bare metal.
Finally, whatever primer and paint products you use, get the best quality you can afford. This will give your finished job a better look and last much longer. I think 90% of a good paint job is in the "prep" or the condition of the metal underneath the actual paint. Any imperfections will show thru, and poor prep can cause blemishes or peeling.
Bondo or body filler is often used to hide imperfections. I won't use it, and my Bronco has zero filler on it.
MY $0.02!!!