Hey guys,
Hopefully by the end of this year I should be able to buy a new Schecter guitar to play with, however, I still want to keep my first guitar even though it's in pretty bad condition.

Here's the thing, I want to shove some new pickups in it and paint it, as I don't like the current suburst design it has on it, BUT, when I started playing the strap came of and the guitar fell to the floor taking a chunk of paint and wood off of the bottom and back of the guitar.

Now, I read that sanding down a guitar right down to the wood is very tiring and a long task to do, so, how to I get it to smooth out with no dips in the finish?

Do I use filler o glue or something like that? And then sand it down to be level with the paint? Or is there a less tiring (and afordable) way to sand off all the paint?

Help please, thanks in advance.
You might find some better and more experienced responses in the Guitar Building and Customization forum. However, what I will tell you here is to check out chemical stripping agents if it's on an MIM Strat with a poly finish. It'll save a lot of headache (and elbow grease).
Since you're painting it an opaque color, you can get by with just scuff sanding - no need to go down to bare wood.

As mentioned above, this will be a cool project in the GB&C forum.
I sanded my MIM strat down this summer and it looks and plays great. I left the back and sides solid black (stock) and stained the top to an almost walnut color using poly-shades. I don't remember exactly how many coats I put on it, but google has step by step instructions for refinishing about anything. The only problem that I have had is that because I sanded down to the bare wood, I had to sand through a veneer. It took a while, but it wasn't terrible. The frustrating part was that the body of my guitar was now 1/4 inch thinner, making the trem system too low for the neck and making the stings so low that an open note was actually hitting the 21st fret. I simply put a nut on the bottom of each screw in the trem system, raising it right back up to where it should be. I also upgraded the pickups, and, besides a few soldering iron burns, it was pretty easy. I had a lot of fun with this project and I would recommend that you try something too if you enjoy tinkering around with your guitars.