*OH radicals are NOT the same thing as OH- ions which you find in oven cleaner. *OH has an unpaired electron, is charge neutral and is a vicious oxidant. It's what you get when you remove a hydrogen ATOM, with its electron, from water. OH- is what you get when you remove a proton, i.e. an H+ ion, from water.
OK- so you don't actually want to oxidize away the paint per se- you merely want to embrittle it so it's easy to remove. I'm not quite sure whether you're oxidizing the substrate or merely embrittling the paint. You may find, depending on the paint and the substrate, that intense UV light works just as effectively or better without the peroxide as it does with it. Whatever the radicals themselves are doing, they're doing it very near the paint's surface, not in the body fo the paint, as they don't survive long enough to have time to diffuse.
The peroxide is absorbing most of the UV light and generating some *OH radicals, provided your UV is short enough in wavelength (the 254 nm light from a low pressure mercury arc lamp is a little too long in wavelength to be strongly absorbed by hydrogen peroxide, which has a UV absorption peak in the 200-240 nm range). The light from a medium pressure mercury arc lamp is a little richer in this short wavelength light and hence is more effective.