ORIGINAL: Centaur 1
Wraps are quick, easy, cheap, and they look good. If you need to replace the fletching they just peel off. I'd behesitant about stripping paint from a carbon arrow, I'd be afraid of the paint stripper delaminating or weakening the carbon.
I don't use any chemicals when I strip them. I lightly scrape and then lightly sand them. I've never had a problem this way.