Hi Leela,
I'm excited to see you in PT. I've never sanded the bottom of my boat (although it desperately needs love). Just a couple considerations:
1) Have you double checked with the boatyard regarding your plan to sand ablative paint and the tools you'll use? I assume you have. I've heard boatyards can be very picky about sanding paint and there are a number of rules around it.
2) Protective gear: Yes, plan to wear a full bunny suit, not just coveralls. Where a full face respirator vs. goggles and a nose/mouth respirator. The full face respirator does a much better job of managing foggy face. Keep your filters in a sealed plastic bag and remove them only when you're using them (don't let them sit on your mask overnight, for example, to save the filtration). Make sure you have ear protection. Yes on the drop cloths. Sanding the bottom of your boat will be the most toxic thing you do, so protect yourself.
3) Use a multitool for the hard to reach places and avoid any hand sanding, which would quickly suck.
You're going to have such a pretty bottom!
Ginnie Jo