I don't consider it a hassle. It's actually quite fun restoring something to new-looking condition. I've always been able to disassemble things to the point where I'm only bleaching white parts and nothing else. I haven't seen it weaken any of my plastics, and surprisingly, it hasn't affected any stickers that have been on parts that I've bleached.
I've tried it on a few things with some success as well, but whiteness should absolutely be a factor.
A) The hassle (
especially big things)
B) It discolours other paint (covering parts is impractical and a hassle)
C) People have said it weakens the plastic, and I tend to believe that
D) Ruins stickers on vehicles and playsets (and if you get replacement stickers, cost is again a factor)
I will say that it's true that you can have success whitening things, and it feels great to restore something. That said, I wouldn't bother with a really yellow item, especially a big one, as this hobby has enough time-sinks!
(Sounds like a newsletter point-counterpoint!

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