The datasheet will have this information. Many LEDs that can only handle 20mA continuous are spec'd for brief 100mA pulses.

The datasheet will have this information. Some LEDs that can only handle 20mA continuous are spec'd for very brief pulses of a much higher current. You would have to specify the PWM frequency to be able to look up the answer to this question in a datasheet.

For one particular product, the CREE CLV1A RGB LED, you may drive red at 50 mA continuous or with a 200 mA pulse (pulse width ≤0.1 msec, duty ≤1/10), and blue and green at half that current. It's all in the datasheet. You can also see that there is a diminishing return as the relative luminuous intensity vs. forward current is not linear at high currents.

I think you should not worry about the brightness loss from driving your LEDs at a 50% duty cycle at the maximum continuously rated current. IIRC the eye has a non-linear response to brightness and they will appear somewhat brighter than half as bright, and you won't destroy your LEDs if you screw up the PWM.