Thanks for the great tips! I think I may try rubbing some paint remover on with a rag before I look into some form of blasting. I only paid $30 for the hatchet. I'd hate to double the cost just to remove the paint.
For my Cold Steel hawks, I used a heavy-duty outdoor paint remover goop. Just apply, let stand, and wash off. Absolutely no elbow grease involved and no damage to the bit.
What's it called?