The problem with the unit you have pictured above and removing a urethane is that it (the coating) will clog the paper quickly.
I suggest a drum sander first to remove the material and then come back with this unit to smooth things out. You may also need an edger unit or if you have one available; a grinder 7" variable speed to do the edge work. On ipe, be careful not to burnish the wood as the heat from the sanders can draw out the extractives and cause them to form an impermeable barrier which in short means the finish will not penetrate into the wood.
Drum sand with 36 grit to get to the bare wood, then, square sander with next higher grit available to smooth out any drum sander path/grit marks.
Yes, to do it right, you will need both machines. Each has a purpose and by utilizing them both, you will be able to get the best result quicker which maximizes efficiency and provides the potential to make a better buck at the same time.
The pics in these links were done by the method I described above:
Pressure Washing and Contractor Cleaning Forums - The Grime Scene
Pressure Washing and Contractor Cleaning Forums - The Grime Scene
I would never recommend any type of rotary machine on wood as it will leave swirls in the grain which upon application of the final finish will become obvious.
Rod!~
ps, call me if you need more info.