I have stripped several of these vinyl coated tanks and through a process of trial and error, have found that Loctite brand Chisel Gasket Remover (Loctite 79040) works best. The main ingredient is methylene chloride and it separates the vinyl from the steel allowing it to be peeled off of the cylinder in one piece, usually. I leave the valve in and hang it from something like a tree branch to gain easy access to all sides and the bottom. Spray it on liberally in two or three coats and let it soak in for 30 minutes. Wearing chemical resistant gloves, peel the vinyl down from the valve working toward the bottom. You should also wear a face shield, or at least eye protection. Don't use it if it's windy and make sure nothing that you care about the finish on is nearby. When you're done and all the vinyl is gone, rinse it well with water and then wash with a warm soapy water solution.
As far as refinishing goes, I've tried several types of paint. For cheap stuff, appliance epoxy from home depot works reasonably well and I've tried cold galvanizing on a couple of tanks for temporary protection. Does anyone know if it would be possible to hot dip galvanize a tank? Would the temperatures be high enough to weaken the steel or is that just an issue with aluminum tanks? That would be the best way to put an end to having to worry about rust proofing a tank.
Another coating I want to look into is mentioned in the oxyhackers book, but I can't find my copy of it this evening and I can't remember the name of it, but awhile back, I checked out the website and it was described as a miracle coating and came in many colors and in one step and two step processes, depending on the severity of the corrosion. If anyone knows the product I'm talking about and has used it, I would love to hear some feedback on it.