DISCLAMER - In light of recent flame wars on this board may I firstly say that I fully appreciate that this mod is not to everyones tastes and I also understand it may devalue a guitar. It's not pretty, it's not big and it's not clever.
If like me you can't get away with paint finishes on your guitar neck then the the way I get round it is as follows....
Tools - A multi pack of sandpaper (400 - 800 grit) from your local pound shop, Selection of finishing grade glass paper from Halfords, 1 x double page of newspaper,a little bit of masking tape and a small tin off 100% silicone lube spray (also from Halfords).
Method - For this mod you don't even need to take off the strings. Get your bit of news paper and tear a hole in the middle big enough to fit over the headstock. Slide it down and secure to the bottom of the body with a bit of tape (like a big apron). The trick is to remove the paint but not to go so far as to remove the sanding sealer from the wood. Use the rough paper to start off with and go through the grades until you can start to see the mahogany. Now switch over to the glass paper and continue, only this time stop often to check progress. Once you've got it to where you want it just spray som silicone onto a rag and clean it all up. Bingo , job done.
I know my neck isn't pretty but for me that's not the important thing, I assure you it feels like butter. You could spend more time and do the whole neck if you like but I had mine finished in around quater of an hour.
Eggy