The term back in the day ws "chemical milling". The EPA has either put that process to rest, or it's gone so far underground that no one knows where it's done nowadays.
It's different & more aggressive than the Redi-Strip strip tanks for removing paint.
The Golden Commandos '65 AWB car and the Autodynamics '70 Chally T/A car are probebly the 2 most famous "oops, went too far" stories; there are pics of the Commandos car with the quarters buckled from launching it.
Those cars did indeed have rust problems, because it's very hard if not impossible to get all the chemical out of the nooks & crannies.
Bear in mind that if you replace the firewall and/or floor there are ramifications in the NHRA rulebook. I would think you can find a lot of fiberglass parts for your car, and lexan or polycarbonate windows will cut a bunch of weight too.