Luke,
I've gotten hydrogen peroxide in my hair a number of times and it hasn't changed the color. My dog is what's called a "blue merle w/ copper" meaning he's black, grey, copper and white. The above solution won't fade his coat color. Maybe HP at a concentration above 3% would have more of an effect, but at 3% it seems pretty harmless. I put the stuff in my ears when I get an infection so it can't be very toxic.
My dog has changed his behavior quite a bit. He no longer just runs at anything in the yard. He gets a solid ID before going after stuff now. I doubt he'll get skunked again unless the skunk surprises him on the porch, etc. He's an extremely smart and cautious dog. Not saying he won't attack the critters he thinks are trespassing, but he really - really -- did not like being sprayed.
I have not had to "de-skunk" a dog more then 6 or 7 times so I'm far from an expert, but the above mix just worked so dang well I thought I'd share it. I'd be interested in what the active ingredients in the shampoo you buy are, but the above mix is so inexpensive I know I won't buy a commercial product. Plus last time I went to Petco I let my dog grab a small chew off the shelf and was amazed to find out they wanted $9.50 for the thing when we got to the register. It was just 3 pieces of rawhide braided together -- crazy expensive!
Anytime I can find a "home remedy" that works and is cheap I'm going to stick with it, and share the info with my friends. The thought of 2 peroxide blond labs is kind of amusing though.
There is a lot of difference in the strength of the spray from different species of skunks. When I lived in Los Angeles the skunks there were pretty mild - spray-strength-wise --- whereas the skunks here in VA have a very strong spray. I'm not sure where you live or what skunks you have but I think you'd be pleasantly surprised at how well this mix works.
cheers,
mgg