Nope it won't bleach it out if you use 1 qt peroxide(Or white vineger), 1/4 cup Baking soda and a table spoon of Dawn dish soap. Some guys even use two qts for the same mixture amount but I found it not neccesary.
Mix it up and put it in a spray bottle. It will work on most foul smells even dead animal smells.
When I was in the Wildlife control business I kept a gallon spray jug mixed at all times in my truck and used it for almost anything that smelled terrible. I always had dead animal and skunk spray calls and this worked great hundreds of times.
If your animals get sprayed don't use watered down tamato juice use good Ketchup and rub into there fur it works great and will not harm the animal. I hope this works for you too!
Tracy