I definitely wouldn't shave him, not only would it not work but there's the chance that he wouldn't look the same afterward. I shaved half of my long haired white cat at the beginning of the summer and it didn't grow back looking or feeling the same, and it's probably not something I'd risk again. Plus, like the others it has been absorbed into his pores.

My Micki got skunked a few weeks ago. He has very short hair and smelt awful for the longest time as well, I couldn't imagine what it'd be like with a dog with a lot of fur. We did the peroxide/dish soap concoction and it seemed to work well. But the majority was on his face and this mixture CAN cause blindness so we pretty much stayed away from his face...and that's where most of the smell was. Only time will get rid of it, unfortunately. I'm sorry that it's that unbearable that he can't be in the house.

Here's another to try if you haven't..
Carbonated Soda Bath
Step1
Bathe your dog with two bottles of any brand of bottled carbonated soda.
Step2
Wear plastic gloves and work soda into the coat.
Step3
Rinse thoroughly with water.
Step4
Wash the dog with baby shampoo.
Step5
Rinse and repeat if necessary.