Something you may run into in refinishing this thing... If you sand back down into bare wood, and the bridge is still on, the fretboard still attached, it will be quite difficult to 'cut' evenly through the patina of the old Mahogany, and you will likely forever after see the differences in the wood color where the old patina still kind of exists, and where the fresh wood was exposed. It will mellow somewhat, but likely you will see this for a long time. It is hard to tell exactly what you are up against from that small pic, but, I think that even color in the wood will be the biggest challenge in getting a really nice finish if you strip it completely, or sand / scrape into bare wood. This will be most evident in the places where it is difficult to cut back into fresh wood, like around the bridge, fretboard end, neck body join, etc..
Alternately, maybe you could carefully sand the finish, starting with maybe 320, very carefully on a rubber block, sanding the bubbles and junk out of it. It will require a lot of care to not sand too thin on the corners, and also possible that there is some color in the finish. If you can manage to sand out most of the imperfection in the existing finish, without going into bare wood, and cutting no deeper than necessary (anywhere) that might be the best route to go. For the first coat, a coat of Bullseye Sealcoat, just to ensure good adhesion, and protection from any contaminants which could possibvly have entered the old finish, or deeper. Old contaminants can cause fisheyes in a subsequent re-finish, or poor adhesion. The shellac based Sealcoat is a cure all for that sort of thing.
If it were my project, I would be thinking in terms of minimal invasiveness, of repairing instead of replacing.
Beware of starting with too coarse a grit of abrasive, and use a block on the flats, a soft block on the curves. A block will prevent the abrasive from following the irregular surface you are trying to repair. 320 might be a good place to start. I would definitely not start cutting into that finish with intent to repair it with anything coarser than 220, and I think that is a little too coarse anyway. At 400, a little water with soap added may help, wet sanding style. If you could get that finish to where the color is still consistent, and all the runs/ drips/ irregularities are sanded out, and it is smoothly sanded to at least 320, put a coat of Sealcoat on it, then maybe a couple or three coats of very thin varnish, you could have a nice finish, and that nice color that the instrument already has, at least the part in that pic. If you sand through into bare wood, unevenly, you might make something that looks just as bad as it already does, just different.
To sand out the imperfection to a place where repair might be an option is an advanced project, so take it slow and careful. Whether scraping or sanding, every stroke/ pull/ push, is a 'cut. Watch the color closely. Watch everything often and carefully. It looks like it might be possible to end up with a nice finish.
Just guessing,,, I would probably start with a rubber block, 3m 400 grit, and a bit of water. Careful not to let ANY water get inside, or into raw wood.
And if you use a stripper.... barefoot!! no heels ...