The latch and hinges were spray bombed, so it's not good paint. Going to try aircraft stripper first. That should remove most of it, then fine glass beads at low 80 psi. Think that will be the least invasive method.
The one area you need to concentrate is the pivot points on hinges and latches. I use TIP http://www.tptools.com/
as a source for glass beads. I like their Scat Magic http://www.tptools.com/Skat-Magic-Abrasive,354.html?b=d
*8019 which is made from crushed car window glass, 40-80 grit. When you think you've done a good job, go back and do the pivot points again, there's a lot of residual lubricant and crud in there. When you "cook" the parts in 180F minimum hot water and phosphate mix, some of it will loosen and may flow out. After a cold water rinse and dry cycle, hanging the part over a pan, I flush the pivot point with WD-40 until it runs clear. These are proven and tried methods. The picture of the hood hinge (it's for a 66) is too dark and was redone from scratch to a lighter shade of gray (see the center links). The springs were not redone as they should look like they were heat treated.
Read Phosphating 101 again http://www.concoursmustang.com/forum/index.php?topic=4624.0
You will be the judge of the finished product, not me.