Disclaimer: I'm not a restoration expert, nor do I sell anything or service :-)
I don't like the peel away products. PA I is caustic (it's made of lye) and costs a lot given its components. I actually have a homemade version of it that works well, but discolors wood and other surfaces. PA I will most likely discolor the brick. It also tends to leach out a residue over time unless the surface is seriously neutralized with vinegar repeatedly. I have basically tried every known stripper (thank god for some free samples) both toxic and non and none works real well on painted brick. I have had some success with the lye based version, but it must be used with extreme caution. It will burn skin readily. I was able to apply it, wrap it with plastic wrap or freezer paper, remove it and scrub away with a stiff nylon brush, spray bottle of water, and eye/hand protection. HY works for Peel Away. His posts litter most of the home boards I have come across. Other peel away products for the residential use just aren't strong enough to live up to their claims. Brick is very hard to remove the paint from (sans sandblaster). Sandblasting on an exterior surface (which is not the case here) really speeds up erosion of the brick. In my case, I probably will paint the brick around my fireplace with a dark natural color to hide the ultra pure white it was painted years ago. I will probably go with a brown or burnt sienna to try to mimic some of the older brick look. Removing paint from brick can be an exasperating experience that is sometimes best remedied by hiding it with a more subdued color once the damage is done.