I was recently involved removing a LOT of undercoating from the Talgo trains in Seattle that were grounded for crack repair.
We used three methods in the shop: mechanical removal (air hammer with phenolic chisel and wire wheel), heat (plumbers' torch w/ putty knife) and chemical (ZEP brand paint stripper).
The paint stripper is good if you're going for bare metal, but it's a real mess. Imagine going over the underside of the car with Jasco. I've heard gasoline works very well (bad fumes); kerosene or turpentine would probably do it too.
Whichever way you go - stripper or solvent - you'll have to get the mess cleaned up before you paint. Which means the stripper neutralized and all the softened paint and undercoat off or the solvent and greasy smeared up undercoating all cleaned off real well. Of course, if you aren't re-painting, I'd advise trying some solvent to soften the undercoating; maybe put a heat lamp on the area to accelerate the process (especially if the work space is not heated). For my own project, this is the option I'd try.
The heat is the next best, but the fumes that hot stuff gives off are horrible. Not again!
The air hammer was an absolute PITA. I spent more time sharpening blades than chipping undercoat. And the wire wheel is always a joy to use on any task. Free accupuncture while you work!
There's my .02 and a bump...
-bill