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I used PeelAway 6 on it with wonderful results. (Why anyone would paint over gorgeous mahogany is beyond me)
There was no mention of 'only use if painting again', just about trying on a small test area first. Maybe you have PeelAway level 8 which is more caustic?
Anyway, its not as wishful as effortlessly peeling away all the layers, but with some elbow grease the results were fantastic, and I'd definitely use it again.
PeelAway is an alkaline based paste so its much safer to use, if you get some on you by accident, you can just clean it up. Again, level 6 is what I used for wood. Depending on how many layers of paint, the cover may need to be on 24, 36, 48+ hours. I worked on like 5 foot sections at a time, and 36 hours was optimal. Just be sure to completely cover the paste with the wrap provided and tape it even to keep air out.
Once you've scraped away what PeelAway left behind you "neutralize" the alkaline compound by spraying it with an acidic compound: a vinegar solution they sell or you can make up.
I then stained it with a MinWax mahogany stain and the grain jumped out! Two coats of polyurethane later, the banister is a showpiece.