I struggled with a similar problem - repairing and refinishing several mahogany veneered interior doors that were varnished about 50 years ago. I did not have much success with any chemical strippers that I tried, and I tried several. All of the chemical strippers softened the old finish and enabled most of it to be scraped away, but the residue that remained rapidly gummed up any sandpaper that I tried, despite many repeat treatments with chemical stripper and the manufacturer's recommended final wipedown solvent, etc. For whatever old finish was on my doors (my guess is alkyd varnish over shellac), I decided it was definitely better overall to simply sand off the old finish. Because they were veneer and I had no replacement material except as salvaged from one of the doors that I sacrificed and replaced with a new oak door, I used only 80 grit and up with my RO 125 to help prevent sanding through the veneer. As others have said, the keys to minimizing loading of the abrasive paper are to use the right type of paper and to turn down the sander speed. Even so, little swirls of ?melted? finish would build up on the sanding disk. I soon learned I could quickly pop them off using a simple scraper (~1 1/2 inch HD putty knife) held at the correct angle with the sander powered at very low speed. Be careful that you don't snag the tool and end up cutting yourself, since you will also be making that scraper very sharp as you use it like this! From my experience, I somewhat disagree with others recommendations regarding type of abrasive. For my situation, to my surprise, Rubin worked best, not Brilliant as is likely for most. I know that my old finish was not shellac, or at least not pure shellac, because when I wetted it with denatured alcohol, it crazed more than softened. You did not state If the old finish is clear (amber?) shellac/varnish, but I am guessing that it is. I believe the old finish on my doors were likewise. I intentionally left some of that old finish on my doors - to help fill in mostly the pores of the mahogany veneer, and began application of new finish with a wash coat of dewaxed shellac (Zinser's) followed by a 2 -3 coats of polurethane (all solvent based).
Good luck!
Dave R.