I have severely sensitive and burning nipples. And lots of pain during nursing...even pumping.
Dr. Jack Newman has a recipe online for what he calls All Pupose Nipple Ointment. If you search it, you should be able to find the ingredients. Generally, you have to get a M.D. to prescribe this and then it has to be made at a compounding pharmacy. I believe with a little searching, you should be able to find a homemade version made from OTC medications. I mention this because I believe it contains an anti-yeast and an antibacterial medication.