The fastest, and safest method (though a bit messy) to remove that tar/undercoating is a 4 inch angle grinder equipped with an aggressive coarse wire wheel. It will cut right through that stuff. Go over it with a solvent to remove the last traces of tar.
This is how I did mine (though not done yet) Drill out all the spot welds holding the inner fender to the top fender then drill out the spot welds holding the fender brace to the inner fender and top fender. Sand blast all the pieces, repair the rust by welding in new metal, prime with a weld through primer where they spot weld back together. Weld back together, prime then paint. Simple! Or just order new Toyota fenders... Pic shows one that's been partially stripped and the top fender removed...
Good Luck!
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