A picture would be helpful... but there are several things that I would not do. I would not use chemicals. Sanding is way too much work. I like power washing but it could damage a log home that fragile. Corn cob blasting is more controllable but expensive. When you get the paint off, I would suggest several coats of stain that has UV protection. I will be using Sickkens. At about 80 bucks a gallon it is not cheap. There are other products at about the same price. Note: do not use spar varnish. What ever product, read the label on restrictions and temperatures.
I also presume that since you have not mentioned chinking that it has none. There are several products that I would recommend to cover chinking.
Best of luck

I have heard about a tool that attaches to chainsaw somehow, it is sort of a big metal spinning prush, which supposed to clean logs fast. Has anyone heard about this tool? I will try to reasearch it and add another poster.

It'll take the paint off and a whole lot more. Not exactly made for this purpose.

BJ - crushed glass blasting might be an option to consider. It takes off both old and fresh paints and stains without fuzzing up the wood very much. You can check out a video of it on our website at www.sashco.com/log (click on the "watch videos" link on the left). This will give you a good idea of what media blasting can do.

If you're interested in more general, educational info on log home finishing, drop me an email and I'll keep my eye on here, too. cbabcock@sashco.com

-- Charis with Sashco