Jason,when I refinish an old pipe I usually use 0000 steel wool to remove any lacquer(sometimes soaking the steel wool with alcohol) and then start the sanding,usually with 360 or 400 grit paper. I sand AROUND all nomenclature until I get to 800 then lightly sand the stampings with the 800 and buff.Sanding around the stamping can be a PITA as some have enough stampings to fill a small book.
When I start sanding I'll stay back say 1/8" from the stamping,when I go to the next grit I sand a little closer and then a little closer with the next grit,finish up with the 800 over the stampings-LIGHTLY! YMMV but this works good for me.