IMHO if you're not interested in having a nice classic road bike, then just cut all that stuff off and powder coat it--that way nobody will ever know that it was once a nicer classic and it will irritate fewer people. Just go whole hog and wreck it... it's better than leaving it half-wrecked. I don't see any point at all in preserving the paint just to grind things off later. It's just my opinion. Personally, I wouldn't mess it up, but it's your bike.

Karl