As most of you know or have realized, White Dye does not exist naturally. This has led to many trying to find the formula and the sale of many at insane prices.
To be honest, there is no White Dye formula. It's actually more of a cream/ivory.
The "White" Dye formula is very simple:
Yellow + Silver + Silver + Silver
I cannot guarentee results. You'll just have to try it yourself.

It's actually more of a cream in-game, but it's as close as I can get.
I'll try to get a pic of my monk up, too.
Dye Remover is a gimmicky name. It doesn't really removed the dye, but instead seems to act as a Vial of Dye of the base color of the armor it is used on. So, if your armor has a yellow base [Ranger, most Monk, most Warrior], you can substitute the Dye Remover for the Yellow Dye in the formula.
Observations so far -
1] Rangers, cloth Monk, and Warrior armors usually attain a light ivory/cream color.
2] I have heard horror stories on how it looks on Necros. However, one reported that it looks fine on Necro Scar Patterns [armor, I believe].
3] Monk Ascetic's Armor turns out a very pale blue. How one gets it from yellow, I have no idea.
I have two requests:
1] Please spread the word.
2] Please post about your results, experience, and pics if possible. I hope we can gather a compilation of what dye formulas work for which dyes.
EDIT1: Added the White Dye Formula to the post.
EDIT2: Posted about the true effect of Dye Remover. Also modified the White Dye Formula.