if your trying to strip it with a drill/wire brush set up,it will take forever! :x a cheap angle grinder with a brass wheel will strip it clean in about an hour. higher rpm`s,more contact surface= less work,less aggravation!
It stays. 2 or 3 coats covers well, over any color. I didn't use car wax at first, it was an experiment to get it to shine. It didn't make the seat slippery either, just shine. 2 coats should get it looking like it came that way. I've done a few seats, but the only one I've ridden to any extent is on my Schwinn. It has held up well over the last year. The paint is fairly cheap, at craft stores or walmart. If I had any painting skills, I would have painted the "S" on this seat also. It's been over a year and it still looks good.
I had a Cleveland welding headbadge and decal, but didn't use them, I'm waiting for an earlier Cleveland welding frame for those. Beehive and wheels are ready. That's for the future though, I'm done working in 100 degree heat.