From what I've been able to figure out, there's at least two types of common domestic bleach: Hydrogen peroxide and sodium hypochlorite. I tried sodium hypochlorite and it was useless - I assume that the other type is the one to use, as plenty of people swear by the bleaching method.
I'm a big fan of the scraping method to revive oxidised plastics. Its been described in detail both in VMX mag and elsewhere on these forums, but basically, you use the back of a hacksaw blade (or similar) and scrape away the damaged plastic until you're left with good material. Then you can enter into the wet & dry, jiff, polish routine.