You don't sand the finish or even the lacquer off completely (not even close), just give it the slightest bit of texture until it stops feeling tacky and starts feeling smooth... I can understand your reluctance though
My Les Paul is an Epiphone so I'm less bothered - though it is quite a nice one as far as Epiphones go... '89 from the Korean Factory, which was when they were making them to a much better standard. I'm not a huge fan of flame/quilted finishes so this one is like a birds eye cap, with quite a dull cherry burst over it - all the creme hardware and binding has aged really nicely... Since getting it I've swapped the tuners to proper Gibson/Kluson Historic ones, new nut, redid the wiring with a couple of huge Bareknuckle caps (left the pickups themselves as they sound great). The only other thing I'd kind of like to do is get it re-fretted as they frets are very worn and there's a few dead spots in places - I think I'd take the opportunity to put some taller frets in also... Even doing all that I only paid £289 for it so I'll be way under what I'd pay for a proper Gibson