” Is it sufficient to merely remove all the loose paint and leave the paint that seems to be well-adheared?”
as long as you remove ALL loose paint. prime the entire house prior to applying any paint. priming is important to get good adhesion to the remaining paint and to the exposed siding. you can work on one side at a time, or prime the entire house first. primer is good for a month or so before it needs to be renewed for painting.
Carl