I appreciate people's conservatism, but most of the fears being expressed are based on mis-information.
Using a heat gun to strip an aluminum tank is a definite no-no as is using a power sander or wire wheel or baking the tank in a paint booth to cure the new paint as all four actions can potentially generate enough heat to ruin the heat treating of the aluminum. Many dive shops consequently will require a new hydro test of any used aluminum tank with a new paint job. (so if you repaint one, wait until the hydro test is due anyway.)
But none of that has anything to do with a steel tank as the same stripping and painting processes are not going to affect the temper of the steel. Plus, with an old tank that has been out of service, it will need a new hydro and VIP before you can use it anyway. And even if the hydro is current, if the tank is suspect, you can have the hydro repeated anyway.
Steel tanks also have a lifespan of at least a century as long as they are properly cared for and inspected. We routinely have steel welding tanks come through for hydro testing from the 1910-1920 era and they still not only pass hydro but still qualify for a plus rating. I personally own several steel 72's from the 60's and 70's that see extensive service every year and they still pass hydro with flying colors. In my experience, they are actually less prone to problems with rust internally than our newer faber steel tanks which seem to require tumbling more often.
So unless the tank has been stored empty with the valve off or been stored with standing water in the tank, it is unlikely to have extensive rust or pitting inside. It may require tumbling to remove a build up of flash rust, but this is a pretty normal procedure for any steel tank every 10 years or so.
Some tanks were internally coated with an epoxy finish and this coating can take about a week on a tumbler to remove, but is something that most shops can be talked into doing on the off season when the tumbler is idle anyway. A plastic coating on the outside is also a possibility. But contrary to popular opinion if the coating is fully intact it is much like any other paint and need not be removed for a visual inspection. If however it is chipped or peeling complete removal will be needed to ensure no rust is forming under the coating. Unlike the internal coating, it is also relatively easy to remove with a normal chemical stripper. Some tanks are galvanized under this coating and end up looking virtually new. Other tanks are not galvanized and will need to be painted. In my experience though, externally plastic coated tanks are relatively rare as steel 72's go - maybe 15% of the toal number out there. The number of internally coated tanks is even lower as if they were in active use, most had the coating removed in the mid to late 80's when the problems with the coating became a concern.
I have experiemented with several types of paint including spendy professional paints like Imron and I have yet to find anything short of powder coating that will stay on a tank long term. So if you have an ungalvanized steel tank, spray paint it with a rust resistant paint and just plan on touching it up or repainting it every year or two. I personally use a stainless steel colored paint made by Seymour with a high percentage of zinc in it designed for painting steel tire rims. It looks very nice, minimizes rust in any scratches and is about as durable as anything else I have found.
One of the larger issues with a steel 72 is the potential for it to have an older style 1/2 valve. This was the standard way to do it in the 50's and the change to 3/4" o-ring sealed valves was made in the early 60's. These tanks are still often in excellent condition, but the valves are very hard to find if they need replacement. Many are also a straight stem design and do not offer a covenient carrying handle.
So in summmary the issues to be concerned with when buying a used steel 72:
1) 1/2 valve? (it will be sealed with white thread tape visible at the base of the valve)
2) Hydro test dates? (first date will tell when it was made, last date will give last test date and spacing of the dates in between give agood idea of how consistently it was used in service. If used constantly, it will have a test date every 5 years - that would be a good thing)
3) does it have air in it? (a good thing if it does as it reduces the potential for water to have entered the tank. A potentially bad thing if it does not have some pressure still in it, especially if it is stored in a moist environment.)
4) plastic coating? (can be differentiated from paint as it nearly obscures the letters and numbers stamped on the shoulder of tank. I have only seen coated tanks in black or yellow)
5) J valve or K valve? (J's valves with their reserve levers are not used much any more so K valves tend to be preferred.)
6) Internal coating? (Impossible to tell unless the tank is devalved. But recent VIP's and Hydros are often an indicator that it may not be coated inside as most shops will not pass coated tanks.)
Five out of the six can be determined with a few questions and a bit of cooperation from a non diver over the phone. So if you get good news on on the phone, I'd buy the tank but price it on the assumption that you will need to have it hydro tested and tumbled. A used galvanized steel 72 with a new hydro test and a K valve is worth about $100 to $125. So start with that and subtract what it will cost you to get the tank to that condition as well as shipping costs to determine what the cash value of the tank actually is.
Locally, hydros are $15 including the shop's VIP and an air fill and tumbling is $10.00. Some shops really gouge for hydro tests and I have seen prices as high as $50.00 so the local cost will make a difference. If the seller can get it hydro'd and VIP's locally for less money that often makes more sense and it ensures you the tank will be serviceable. With a K-valve, a cheap $15.00 hydro and a $10.00 tumble and business rate shipping of about $15.00 if they box it themselves, the max the tank will be worth would be about $60.00.
The worth obviously drops below that as your costs go up so don't pay too much, but also don't just pass on the deal because someone on SB told you about someone who heard about someone who bought a used aluminum tank that blew up. Personally, I'd rather buy a used steel 72 than a new AL 80 as the steel 72 will probably still be in service long after the AL 80 has been turned into pop cans.