Be careful with bleach. It weakens the fabric, and different fabrics react differently to colour removal. If you plan on dyeing the shirt, I'd recommend starting with a white one. From the style, white will probably be the easiest to find anyway.
To me, the shirt looks too loose to be spandex. I think you'd be fine using a shirt made of thin cotton. Cotton will be a lot easier to find and work with, especially since it's a collared shirt, and it will probably photograph better than spandex.