I'd strip with zip-strip, dowel extra holes, sand down both in and out 80 thru 220, and seal the inside with Johnson's Feed and Wax.
It sounds like you had a hard time fitting heads with that wrap on(?) which means it was originally a painted drum. I would personally have it professionally painted, as 9x out of 10 an amateur clear coat on the outside just doesn't do it for me.
Interests to see how this turns out!! Nice drum for sure.