Yeah hydrogen peroxide is used as rocket propellant! It's very dangerous!! Always wear protective clothing when using it!
/end deceptive rant
Yah, it is/was a rocketfuel, but that's at like really high concentrations(90+%?). The stuff from the drug store is only 3% abouts. It reacts when in contact with metal (think oxyclean) and will dissolve dead organic tissue (wound treatment/oral debriding). I woudln't want to inhale it, but it's not like it'd eat your lungs out I don't think. It'd just taste really nasty...
For cleaning a atty, the metal/hydroP would cause it to bubble, and lift off the stuff caked on the coil and it may help breakup the gunk a bit too. I plan on testing this in a week, but right now, just going on the various reviews, I'd have to go with 90%+ alchohol, since it'd evaporate faster and not leave a residue. Alchohol bath , followed by some hydroP, followed by a alchohol rinse perhaps. Might not need a dry burn then, just let it dry.