Well, I guess I'm a bit more precise than many. I use a rehalogenating bleach of potassium ferricyanide and potassium bromide. I find it more controllable, longer-lived and has the advantage of the possibility of redevelopment if you go too far. Still, I figure on about a 25% loss rate.
The following is from my personal darkroom manual:
Local bleaching, rehalogenating bleach procedure
Note: this technique turns silver into invisible silver bromide that needs to be fixed away.
1. Prepare a dilute ferricyanide/bromide solution of about 1 to 2% by adding 10 drops of 10% ferricyanide solution and 30 drops of 3.2% potassium bromide solution (I have these on hand always) to 10ml water (or mix the appropriate dilution in larger quantity, basic solution is 1g pot. ferricyanide and 1g pot. bromide / liter). This solution is a starting point and can be strengthened or weakened as needed.
2. The print needs to be fairly free of fixer, not well-washed but well rinsed so the fix doesn't react with the ferri. 2-3 min.or so in water should do the trick.
3. Lay the print on an angled work surface, (e.g., the bottom of a flat-bottomed tray). Position the print so that the run-off does not flow over areas of low density that should not be bleached. Working with a running water hose in your left hand, apply the bleach locally with a brush or cotton swab (Chinese calligraphy brushes work well). Work from bottom to top and monitor the bleaching carefully. It is very important to keep the water running on the print directly below the area being worked on to prevent streaking by the run-off and to keep the water hose moving to keep the bleach from being directed down the edge of the water stream and causing streaks there. Before the desired tone has been reached, rinse well. It is better to build up to the desired tone slowly to prevent over-bleaching, keeping in mind that the bleaching continues for a while after rinsing. Be careful that the bleach is not working too quickly. If so, rinse the print thoroughly and repeat with a weaker bleach solution. Bleaching can cause split toning, so bleach lightly if you are planning to tone.
4. When the desired tone has almost been reached, rinse the print thoroughly with running water to remove all the bleaching agents before fixing.
5. If the bleaching process goes too far, the print can be returned to the developer, but this will result in a different size and shape of silver grain being formed from the original development, which will tone differently. If redevelopment is necessary, keep toning to a minimum.
6. The print now needs to be fixed to remove the silver bromide produced by the bleach. Give it a full-time fix in the second fixing bath.
7. Wash and dry as usual.
Hope this helps,
Doremus