My first thought was to use paint stripper on every surface. This kind of worked, but was slow and arduous and left behind a sticky residue that I still needed to sand off.
In the end, I used the quarter sander again to remove the paint. It was also slow, but did a good, clean job. It was made easier by pulling all the pieces apart, even beyond the finishing nails holding it together.
After everything was sanded and reassembled, I stained it and added a coat of polyurethane. This was much easier on the bed than on the kitchen table. The softer wood on the bed took the stain easily and the bed was much more forgiving of little mistakes.
