Don't take it to bare metal. You'll never be able to replicate the level of adhesion and protection that the baked on factory primer has. If you're going to repaint the whole car, roughen the surface only enough to provide good mechanical adhesion (tooth) for what you're going to spray over it. This means wet sand the whole car with 600 grit, perform the initial repair on any areas that need more attention (cracks, pinholes, etc), then apply a good sealer (quality epoxy primer - I like Southern Polyurethanes - reduced according to their instructions) before final correction of any problem spots. This is a decision point. If you want a 'laser straight' car this is the point where you begin with as many iterations of primer/surface/block sanding (using guide coats) as it takes to get it that way. Then you apply another coat of sealer, followed by your color coats then clear coats, color sanding, cutting and buffing. If you don't want to go through all that then after that first coat of sealer and corrections, then apply another coat of sealer, then color coats, then clear coats. Color sand, cut, and buff if you want to eliminate all the egg shell (and there will always be some).
You're talking about a significant investment of time and money here, especially if you want near perfection, to get to a car where it will be worth almost as much as it is like it sits today untouched.
If how it looks and how you feel looking at it is more important than how much it's worth to someone else, then by all means - go for it. That's exactly what I did with my '69. I spent probably 2-3 times more building it than anyone in their right mind would ever pay me for it, and I'm perfectly fine with that