It's actually lacquer. The 'white' lenses (no real chrome found in the barrel finishes) really had aluminium bodies finished with a clear coat of lacquer. Think of this to be similar to the black barrel lenses, only that the paint is clear. The coat protects the aluminium. Worn white lenses which have lost their lacquer coats often show lots of tarnish and pitting.
Removing the original lacquer coat totally without refinishing would likely be disastrous to the lens barrel. The stripped barrel would look nice and snappy for some time, but atmospheric pollutants, and salt, oil, and acid from sweat (contaminants introduced by the hand) will soon take its toll on the naked aluminium. Proof of this would be white Jupiters which have lost their coats - got a J-12 in such a condition, and it never seems to be able to shed the whitish powdery grime that seems to grow on its exposed skin.