If you'll be going to the trouble of sanding it all off, maybe give this a try first. My father in law is always under the hood of his car shining everything up with silicone spray and paper towels, his alternator looks like it's just out of the box new with no sign of oxidization (it's been through 8 new england winters) he just hoses it down with silicone spray and lets it drip dry. I've got an upcoming project that I'll be trying this on, but it seems to work for him.
-Alan