Thanks christian!
Oldgit, I can help you with the hardware. I used a power drill, vice, scotch pad(or whatever it's called), vacuum line, an old screw, and a vice.
This is the only pic I have. Put an old screw into vacuum line and use the shaft of the screw to clamp into the drill's chuck. Then you can put the hardware in the vacuum line and hold scotch pad in your hand and wrap it around the hardware with gentle pressure. The hardware cleans up easily.
Another way I tried which actually worked better was putting the hardware in a piece of vacuum line then clamping that into a vice(the vice won't damage the threads if they are in vacuum line). Then use a wire brush on the drill to clean up the head of the bolt. This just went faster with the wire brush.
As far as peeling powder coating, the only way to fix that is to have it redone.
Also, keep in mind when you do this many of the parts will quickly rust as they are more or less mild steel. I dipped mine in a cup of oil to try and help prevent this. I can tell some are stainless and some are mild steel. All the bolts to the triple trees have not rusted, but some others have such as the ones that hold the levers on the bars. I'm going to try to find replacements for as much as I can. If I were you, I'd find replacements for what you can, then clean what's left.
Also, for just general cleaning, I mixed dawn dish soap and water in a spray bottle and spray that all over the bike then lightly hose it down(scrub where necessary, if necessary) and it worked well. Dish soap is a great mild degreaser.