On an old toolbox? No.
On some other things, yes.
But in this case, I would probably go for a chemical paint stripper. Put it on, wait as required, wipe/scrape it off, rinse and repeat as needed.
Cause the high pressure spray would tend to knock the toolbox over or bounce back at you when trying to get the inside corners and such and because high pressure spray can etch/bend the metal or blast right through 'thin' spots (rust pinhole).