Instead of using acetone, have you considered using something like Citristrip? From what others are saying you might need to get creative in getting the old finish off.
And before you do any sanding, get yourself a tee shirt and an iron, like the kind used on clothes. Cover the wood with shirt, and go over the places with dints and dings with steam and heat from the iron.
It will allow you to get out the majority of the imperfections with less sanding.
Check out some of the videos of others refinishing stocks on youtube, lots of good tips about the process.