Papa is right about the lead paint.
In fact, lead can be absorbed through the skin when it is in liquid paint form.
When you use paint strippers, you will create lead paint goo which if it gets on your skin will be absorbed by your skin.
If you insist on stripping it on site, do not get the paint goo on your skin. If you wire wheel it, do not breath the dust.
Lead is one of 13 Regulated Substances in Ontario. The others being asbestos, arsenic, Vinyl Chloride, etc. Lead attacks the central nervous system and is stored in body fat. It does not leave the body once it is present. It can seriously fuck you up. Ask the Romans.
I'd take it out.
Years ago, I outed an old cast iron claw foot tub that was in brutal condition. It was chipped, rusted, had been enameled a few times.
I hired a guy who came to the house, picked it up, stripped it, etched it, and enamelled it for 800 bucks.
His result was FANTASTIC.
The tub looked like brand new. (A new iron claw foot is about 5 grand.)
His name was:
Thermo Coating Refinishers
68 Holborne Ave.
Toronto
416-421-1468
And yes, the tub weighed a ton. It took 4 guys to lift it down the stairs to the front lawn where this guy would pick it up. (He wouldn't remove it.)
Anyway, 10 years later, the tub still looks as good as the day he dropped it off.
I highly recommend him - if he's still in business.
Edit:
I just did a 411 on Thermo Coating:
They are listed, but a different number:
Thermo Coating Refinishers Ltd
Address : ON
Telephone : 416-778-4672
Category : Bathtub Refinishing & Repairing
Directory : Toronto Central - East
This will solve your problem...