Thank you all for your suggestions! I did sand a small part of the floor underneath the bed and sadly, the wood is in not so great condition - maybe it was the SEVEN layers of paint that went on top of it over the years. Seriously, who picks hot pink for floors?! Must've been around the 1980s when that layer went on...
So refinishing may be out of the question if the end product is going to be a disappointment. But I do have some wood floors that are salvageable in other rooms so I will definitely take your orbital versus drum sanders debate into thought.
Now... where can I get these slippers?!
Thanks everyone... I'll be back with more questions soon enough!