I don't know how helpful this it, but I had a skin tag on one nipple, that developed with my fifth child.  After messing with it for a few months, I finally just bit the bullet and had my ex (an MD) clip it off.  It was sore for a little while, but it healed quickly and never grew back.  I just rinsed it after nursing and put some fresh milk on the spot, which I think helped it heal.  It seems like it only took about 24 hours to heal.  I guess it would depend on how big it was, too.  
 		 	   		  
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