Hi, Joseph. Stripping paint off anything is a very time intensive process. You can use a lot of hours without a lot to show for it and it is impossible to guess how many hours unless you catually stiup a portion to check the comdition of the deeper paint layers. Therefore, a lot a contractors will not do it but it makes a great do-it-yourself project. Check some of the other posts below and on the www.citristrip.com board for the how to do it answers.
As far as the condition of the wood, again this is impossible to tell for sure without stripping a test section to check for sure. But there was no such thing as paint grade moldings in 1928 and you can feel pretty safe that the wood will be nicely finishable.