I have tried this actually, but by mistake. I actually thought I had a wart or something on my penis. I didn’t know what it was, but I wanted it to go away and nothing else was working. At some point I decided to try some wart remover to see what happened. It didn’t make the bump go away, but it definitely did remove some discolouration. The discolouration removal was better at first, but seemed to return within a few days, but definitely not as bad as it was before the wart remover.
The bump that I had is gone now and there is still a slight discolouration in that spot. It may very well go away permanently if I try the wart remover again since the discolouration is not so bad anymore.
I used Compound W I’m pretty sure. I don’t remember how long I left it on for, I think overnight. Then next day I would wash it off, then the area on which I had it would start to dry up, and after a few days it would peel off. The skin underneath would be lighter and somewhat sensitive and would turn into normal skin soon after.
If you have any questions just ask.