I think somebody tried it on a Jetfire but I can't find the thread.
Here is the original thread but several linked photos have now gone broken:
http://www.otca.com.au/boards/showth...light=peroxide
Edit: The Jetfire pics are actually in the pioneering article here:
http://www.thetf.net/forum_posts-TID-13204-PN-1.htm
It seems that its paint is unaffected.