The 3m wheel does the job, but makes a mess.
I strip the old stripes off with a heat gun and a plastic razor and then clean the gum off with Brake Clean on a towel--works well--in fact real well.
Now remember--after that striping being on there for 20+ years there is going to be a shiney and probabley raised portion of the gelcoat that has been protected all these years. A great Buff out and wax will help hide this--but it will always be there unless you restripe the same area.
Just my .02
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 88 V-20
200 G2
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