No, this is a specific reaction to a chemical in the plastics that yellow in UV light.

The thing everyone has to remember about this is that it isn't bleaching anything. There's a fire retardant chemical added to plastics called bromine that leeches out over time and yellows in UV light.

Here's some details: http://en.wikipedia.org/wiki/Retr0bright

Maybe a couple of layers of frisket?

So something that holds better but not too well that it might peel up the white ink layer. Painter's tape?

Rubber cement would probably be too aggressive an adhesive for old screenprinted ink. Just think about how easily backglasses peel off.