I read the same thing about peroxide on other forums Triple Se7en. The only reason I use and stick with the denatured alcohol is; it works real good and pulls the fowling out, it is drying itself as you are working. cold weather does not effect it, and where I live that is a must, and last is it is inexpensive, and easy to obtain at the local hardware store.
As herman pointed out, when I swab I use short strokes, never one long one to the bottom and then back out. That's a good way to get a cleaning patch jag stuck in the barrel. The short strokes scrub the fowling out nice. On the final dry patch, I can push to the bottom, short stroke it down there and make sure that is nice and dry and then remove it, and have never even had to pop a cap to avoid a hangfire. I do pick the nipple though.
You want a cheap nipple pick, find someone that is restringing their guitar and ask for the steel strings. cut one as long as you like and wrap some tape around one end and you have a strong flexable and cheap nipple pick...

If you cut it long enough, you can bend the string into an arch and pick an inline as easy as a sidelock.