I wanted to change some of the paint jobs on a few crankbaits, so I started sanding BIG MISTAKE, I RUINED ONE OF MY FAVORITE CRANKBAITS :'(. Is there any other way to remove paint without hurting the bait?  

I use my wifes nailpolish remover. It has worked on most of the baits iv stripped to re-paint.

Unless the original paint is seriously damaged there is no need to remove it. A very light sanding with 400wet/dry sandpaper or 4/0 steel wool will give the bait enough tooth on the surface to hold the paint. After sanding I wipe the surface with denatured alcohol and its ready to prime.

Most of the solvents that have enough strength to remove the paint can also damage the plastic especially if it gets on the lip, turns it cloudy. If the baits are wood then some of the strippers might work but there is a chance that you might not get it completely removed from the wood and I can assure you that it will come back to haunt you. On Poe's and a few other wooden baits a heat gun and a scraper (old paring knife) is the easy way to remove the old finish, then sand and prime.

I either paint over existing, use a heat gun, or use Jasco Epoxy Stripper (extremely nasty sh!t!)

That's what I do! Just scuff them up a little and wipe clean with denatured alcohol. Works great!

Unless the original paint is seriously damaged there is no need to remove it. A very light sanding with 400wet/dry sandpaper or 4/0 steel wool will give the bait enough tooth on the surface to hold the paint. After sanding I wipe the surface with denatured alcohol and its ready to prime.

Most of the solvents that have enough strength to remove the paint can also damage the plastic especially if it gets on the lip, turns it cloudy. If the baits are wood then some of the strippers might work but there is a chance that you might not get it completely removed from the wood and I can assure you that it will come back to haunt you. On Poe's and a few other wooden baits a heat gun and a scraper (old paring knife) is the easy way to remove the old finish, then sand and prime.