You're in for quite a task, but worth it I feel. Your going to want to strip out everything down to the bare metal if possible. Here's a Gen II Tracker with interior pulled:

Next is getting down to the metal. The hardest part is getting past the sheet tar insulation crap. A couple techniques that have been discussed are using a heat gun to soften it up or even dry ice too make it brittle to crack off. Mostly it's a "chisle, pry, scrape, sand, wipe, repeat" kinda job.
Once you've cleaned it enough, clean it some more. In my experience, this is the most critical aspect of the task. Most of the products,"Durabak"($100/gal+S&H, different colors!), Herculiner (often on sale <$75 w/kit), to Duplicolor(knock-off), all require thourough prep. Don't scrimp on it during application, you'll get at least a couple coats out of a gallon. Use it quickly, 'cause it starts to harden as soon as you open the can. Thin with the recommended solvent( usually XYLENE), and I store any extra in a smaller can in the freezer. Use it to touch up wear marks.
I use it for the exact reasons you would and I love it. Pull the plugs (which you've masked off for easy removal!), squirt it out with a hose, and it's clean!
