This is how I prepare my wood baits for a repaint.
Don't call me crazy just because I'm old. First I tape the bill and take the wood bait outside. I take a small torch and start at the tail of the wood lure and set it on fire. Yep, that is what I said. I set it on fire. I let the tail section burn a few seconds and wipe it with a rag. Then I do another section of it and just let it burn the paint for a few seconds and wipe again. Be careful not to get the hot paint on your hands. (you don't want to have to burn that off too.) When I get close to the plastic bill, I am very, very careful not to let the plastic bill get hot. I usually just scrape and sand when I get to this point. If you do it right it will be clean and ready for sealing.
DO NOT try this with a plastic bait!!!!
Just be careful..I hope this helps.