Hey Bone-
I am actually doing this to an Ultra stock.  I first used some chemical refinishing products to remove both the polyuerathane and some stain pigment.  Both worked good, but I am going to also apply some light sanding to further open the grain and possibly remove additional stain.  On the Ultra laminated stocks I have found that the glue or resin that holds the laminated pieces thouroughly saturates through the layers of wood.  I hope this does not create an obstacle to completing the project, but I will let you know how it goes.  I do not have a standard solid stock, so I don't know what stain/sealer NEF applies on those, but would think that the work should be fairly painless and provide a nice new finish.  One note, if your stock has checkering, don't sand over it , but rather get the chemical refinishers to remove as much stain/poly as possible so they are not darker than the rest of the wood.  Sanding will easily remove the grip to the checkering.  Good Luck. BuzzKill.