I've had good results on stripping with commercial strippers like Bix - available at hardware stores, Home Depot, etc. I prefer ones with methylene chloride but it needs to be handled with a certain amount of caution (follow directions and make sure you have all the hardware off the stock).
There are many good finishes available and you'll get lots of suggestions. I like MinWax Antique Oil and have had good results with it, but it's just one of many products that will produce good results. Birchwood Casey Tru-oil is another one that reports say works very well.