I wonder what would happen if you took a small empty bottle and put a little bit of ammonia in it (after you try it and it helps her), then told her it was a special remedy for bug bites and stings? Tell her it is a secret recipe from Auntie Susie Star and is very special - it can only be used for stings and must be kept on a high shelf because it is very hard to make. If you want I could try to spin a story about it, something to take her mind off of the smell and the sting/itching. It is a tactic I have used with kids when they are afraid of the cure more than the problem. It makes the cure seem very special and for some reason more acceptable. If you can find one of those little blue glass bottles, or just an interesting little bottle at the craft store, it adds to the mystique.
I am sure that if you wanted to mix a bit of very fine glitter in the bottle it wouldn't be a problem. If all you have is the coarse stuff sold for crafts, try a beauty supply store in the nail section. Glitter seems to make any topical substance instantly acceptable with little girls. It is harder to find something to mix in with little boys. Dirt was always what Wiz wanted to wear, but it just doesn't add that special something when you add it to a cream or lotion.
I hope it helps N - I can remember being a little girl with lots of bug bites and getting scolded for scratching them and then having to put up with the baking soda paste that crumbled off. I remember being SO relieved when my Gma gave my mom a bottle of Caladryl to use instead - esp because it was PINK.