The only way you're really going to get the look you want (pure, unadulterated steel) is going to be to completely strip it of paint and then clearcoat the heck out of it. It's not impossible, but I'd think you're going to have to take the whole rear-end out from under the bike to get it right (not that I'd think it'd be all that hard to do).
If you go forward with it, I think I'd be tempted to first try some paint stripper and then move to a grinding wheel or some sand paper. Wire brushes might help in any tight spots. I've never actually done it, just brainstorming.
If you want to strip paint take it somewhere that can media blast it for you. Simple. But if you clear coat it you'll need to be carefull of what clear you use, I've seen some clear coats oxidize the metal while it's being applied and it turns it a brown shade.
I'm about to remove my swingarm, thinking angle grinder....flapwheel, then some por-15 engine enamel. http://www.por15.com/prodinfo.asp?grp=EE&dept=7
**** is dope. my buddy painted his rally car with it, crashed, and didn't scratch the paint. Dented the **** outta the door, but the paint...sheesh...miraculous.
So today I stripped the swingarm with a flapwheel. It was pretty rusty, even under the stock powdercoat. De greased with gumout, and hit it with the POR 15. Note of caution, USE IN A WELL VENTILATED AREA! My roomate and I both got really dizzy and queazy, even in the garage with both doors open! It worked great. Nice, shiny black swingarm. The stuff is great. totally chip proof, and it eats rust.
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