Technically...
You are not reversing the process. This is a common misunderstanding. Sulfur has reacted with the surface of the ink, creating a very thin surface layer of "blackened" ink. As far as I know, the "blackened" surface ink CANNOT be converted back to its ORIGINAL chemical compound without introducing other significant problems.
In the H2O2 treatment, you are simply converting the top "blackened" layer into a "whitish" layer. The original surface ink color is still gone. But because the "whitish" layer is so thin, it appears transparent to the unaided eye. What you are actually seeing is the underlying uncontaminated original ink. I've left out the actual chemical formulas for simplicity.
It's for this reason that I've always considered this process an alteration. You are merely "restoring" the appearance of the stamp by altering the damaged surface layer into an "invisible" damaged surface layer. Although it is a technicality, there is no question that this is an alteration of the stamp, as it is NOT the same as the original stamp. The only question is whether this is an acceptable alteration. Since I don't make the rules, I leave that up to individual collectors to decide.
I recommend that you document any chemical alterations you do so that there are not "misunderstandings" with any buyer in the future.
Enjoy your stamps, whatever they may look like!

k