There are several ways to do it. Sand it,use 0000 steel wool,acetone or alcohol on a rag (acetone is quicker and easier)or if not to heavy it can be buffed off. Lacquer removal may change the color of the pipe some as it is quite often tinted.
Unless you sand it off,you can go over it with some Micro Mesh to bring back some of the shine then wax it.
I have found that removing it really doesn't have any effect on the way a pipe smokes. I smoke mainly "drug store" pipes,many of which I have stripped and refinished. Can't really tell any difference between them and the ones with the lacquer still on them. YMMV.