I would suggest using just plain hydrogen peroxide, though I've never tried this myself. Since women use it to bleach their hair, I assume it would work on facial hair too.
If you want to remove facial hair, the best method I've found is the Finishing Touch Personal Hair Remover. Yes, it's one of those cheap infomercial gadgets, but it really does work very well! And it is inexpensive, easy to use, nontoxic, painless, and hair actually grows back lighter and softer.