Would my Allen Edmonds wingtips, whose grain appears non-existent, benefit from a strip job with acetone
armscye is right - if they are black, they are black.
was under the impression that corrected grain was a process done to the leather
there is corrected grain leather, and covered leather. Corrected grain is a process where surface defects (fat wrinkles, burr marks, etc.) are sanded down and the finish is applied over this hide with large glass rollers building up the finish. A/E uses this sometimes on a couple of models (McNeil, Shelton and some of the handsewns) and it is refered to as 'polished cobbler'. Loake, Cole Haan, and numerous other mid quality manufacturers use this extensively. Be aware that not all highly polished calfskin is 'corrected grain'. The Ilchea tannery in Italy provides highly finished un-corrected calfskin to many high-end manufacturers, including Gravati. The 'cardboard' labels (just about any calfskin shoe you see retailed at $175 or less) use splits (thick hides that are split into numerous thin layers that need to be backed up by heavy doublers and linings) and side leather that is (and needs to be) covered with a spray finish and lacquer. This is not corrected grain - just cheap calf.
Deglazer is generally acetone
Yes - acetone and heavy metals. Don't get it on your skin, and wear a mask. At least I have to.