I've used those sandpaper wheel things before, just not on a bike. I got to paint a local lighthouse, and used one to get into some of the funky curved and concave molding. I hated the things. I always felt I couldn't really let the drill loose, or apply some real pressure to get the paint off. Every time I did, the little weinner of nut hold it together would come loose.
But it got the job done.
And I'm sure it beats hand sanding.