It's a pretty deep subject to go into so I'd advise lookin' at as many websites and videos about refinishing as you can before taking the leap.
I've done 'em before (and will do 'em again) and it's a really fun project. The best part is feeling naughty about flying in the face of danger over the possibility of "screwing up a PRS"
My basic advice:
1) Go easy with the sandpaper. You can't get wood back.
2) If you go with a chemical removal process, be mindful of the faux binding. You won't want color-bleed from leftover/dripping stain or dye
3) Get some pin-striping tape for the inner horn line.
4) Find the hardest clear coat available to you (automotive stuff is made to have some "flex" like it's slightly rubbery).
5) It's all about the final clear coat, you'll want to spray it one last time before buffing (in my experience).
6) Don't expect to nail it on your first time.
7) Patience is the most important tool in your toolbox.
8) Wait for that sh!t to dry.
9) Wait for that sh!t to dry some more.
10) Have fun, drink, take pics, share 'em with us, and wait for that sh!t to dry even more.
Good luck! You
can do it!