Pin registration is easy with the correct equipment, even in total darkness. But trying to register separate sheets of film without a matching punch and pin system is a huge headache.
The problem with bleaching is that, with some papers, you get a color shift in the bleached areas, due to silver reduction there. But if used judiciously with the right papers, it is indeed a valuable tool in the kit. Classic Kodak Farmers Reducer is no longer made. The Photog Formulary equivalent is way stronger, and needs to be highly diluted.