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Actually I meant to say I would use methanol because it's cheaper, I also think it would have more of an effect on cooling the intake charge. It has a slightly lower flash point, and it requires more of it compared to ethanol to have the same effect of richening AFR's. This is due to the lower btu's. On the other hand if you're trying to run as little mixture as possible, ethanol would raise the effective octane higher per volume while still providing cooling effects to the intake charge.
Another thing to add. Some people think 50/50 is a gallon of water and gallon alcohol mixed together to make a 50/50 mix. But it's supposed to be 50/50 by weight not volume. 50/50 by volume is more like 30/70 alcohol/water. Which is probably a decent mixture as well, but there is a difference and people should be specific when comparing.
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