Hi,
Hmmm. I'm afraid I have to disagree with a few points that have been made.
I have avoided dipping because I've seen too many pretty new paint jobs ruined when a bit of the chemicals later seeped out of hiding in a nook or seam or cranny! I've even seen this happen a year or two or three later.
On the other hand, I haven't even considered dipping parts in years (decades actually) for this reason, and modern dippers might have come up with effective solutions for that all-too-common problem. Perhaps they really, thoroughly neutralize the chemicals now. I don't know. Ask lots of questions if you consider it!
There is a process called soda blasting that would be my first choice. It avoids warpage, but cleans off the old paint quickly. I would send the car out for this, not try to do it myself.
My 7 hp compressor is nowhere near powerful enough for a true pressure-fed media blaster that's essential to this large a job, plus proper protective gear and breathing apparatus are expensive. Note: I do now use that compressor with a small pressure fed blaster, for frame work and with a blasting cabinet for parts up to the size of a wheel. Several times in the distant past I've done an entire car with a small compressor and siphon blaster and can tell you that's a long, long, long, dirty process.
Another media blasting method uses walnut shells or plastic beads as the primary medium, with a bit of harder media mixed in to effectively remove any rust. Done right, with minimal carbide or other hard media mixed in, this will also avoid warpage to a large degree.
Alternatively, use paint stripper on the large, relatively flat panels, wash it off well, then media blast the edges and more complex areas that aren't a warpage concern, and only lightly blast the broad areas.
Working out of doors with media blasting is a bad idea in most climates because flash rust will form long before you have a chance to get paint on the car. Maybe you could get by with that in Arizona, New Mexico or as I did in Colorado, years ago. 15% humidity there. But, your neighbors will hate you.
And, I don't know about painting out of doors, either. There is dust and moisture to be concerned about, of course, and the neighbors. What are your state laws like? I know here in Calif. I'd face a hefty fine for doing that!
Most automotive media blasting shops are set up to immediately spray on a coat of primer. A lot of folks now use some sort of epoxy primer, as a base coat, just as you are considering. You also need special breathing apparatus to spray this stuff. Subsequent coats of other types of primers will be used later, in the process of finishing the car and prepping for final top coats.
By the way, right after the initial epoxy primer many top pros do a skim coat of especially thin bondo over the entire car and use long sanding boards to take most of it back off. This perfectly levels surfaces and finishes edges before additional primers and top coats are put on. Believe me, I would bet your car has far more surface warpage and variations than you ever realized, even when new and fresh from the factory.
Oh, and never use actual sand for blasting. Fine particles of it that are inhaled will lead to an illness called "silicosis". You don't want that!
IMHO, media blasting is the most effective method of removing rust and prepping the surface for new paint, with the least concerns about something coming back to haunt you later. A little "tooth" on the surface is formed in the process, which is just about perfect for best primer adhesion. Little or no hand sanding is needed. I haven't used it yet, so don't know if soda blasting also provides that sort of surface, but I do know it has great cleaning qualities, removing grease and other contaminants that can keep paint from sticking. Other types of media blasting are less effective at removing oils and greases, so some wipe down to prep the bare metal is usually needed, before applying paint. I too use brake cleaner in some instances. Acetone and lacquer thinner are good for some types of paints. The primer you choose should have specifics noted on it, what to use prepping bare metal.
Honestly, I'd suggest looking for a media blasting shop near you, talking with them and at least getting a quote. I suspect you will find it considerably cheaper than properly getting set up with a large compressor, pressure fed blaster, the right media, effective oil and water seperators for the compressor and the mandatory safety equipment, plus the painting equipment and breathing apparatus to work with the epoxy primer.