steve
you have a sticky problem at best, but here are some tricks that might work, I assume theres no asbestos issue as that is a issue in itself.
first I would try some saphire 24 on the rotex. only let 30/40% of the disc get in the paint/ mastic at a time to let the vac suc and keep heat down.
second, get a bag of sand and throw down a good heapin pile of it on the area to clean up. vary the speed of the rotex and grind the sand into the paint/mastic,using a 24 saphire. the sand will help absorb the goo and not stick to the saphire as much. you will need to watch the disc and change it when it gets all gummed up. if it just gums really fast try a vlies 100. try without vacuum on at first or at the lowest setting if dust is a big issue. the key is to keep heat buildup down and let the sand grind away and absorb the goo. it will break down fast. keep repeating this if it appears to make decent headway. this is NOT a speed job so be prepared to spend some time. this method has been successful many times.
Another way to try is find a stone supplier distributer or someplace that sells diamond grinding pads/wheels. get a diamond cup wheel coarse or a s/c abrasive wheel. put them on a angle grinder and grind away. this will be dusty/ messy at best, have someone hold a vac near the pad while grinding to help if you can't find a dust shroud for the grinder.
good luck, this is one of those crappy jobs with no easy answer.