Some materials are attacked by hypochlorites (the active ingredients in chlorine bleaches). Hypochlorite is a strong oxidizer, and the short description of that is that oxidizing is what happens when metal rusts, things burn, and stuff decays (generally). Many materials will start to degrade when exposed to bleach, including some you wouldn't expect (stainless steel and hard plastic can be attacked).

I wouldn't recommend it. The scent is chemicals that make up the toy (usually), so you'll be unlikely to be successful removing it. Let it air out and that's probably the best you'll get.

Sterlization/sanitizat ion is also complex. You can possibly get chemicals that won't react with the material (medical offices have many options for cold sterile solutions), but since the toy is porous you can't really get it clean, which is generally a prerequisite for sterilization. Also you'd have to deal with the possibility of the toy picking up the chemicals (which are very nasty). Realistically the only way to sterilize one of these would be radiation (gamma irradiation), which is probably not an practical option. Use condoms.