Hey Shrub,
I think you have a great idea! Don't let these methanol guys scare you. Ethanol is still alcohol and will help your performance over pump gas. Few racers ever ran it because it was very hard to get and truth be told most would rather drink it than burn it. Actually they run methanol because it will make more power than ethanol. I know a few guys who run ethanol. The big advantage is that it doesn't eat up aluminum like methanol so they don't drain their system between races.
You should have an alcohol carb to start and will have to rejet. Stoichiometric ratio for gas is 15:1, ethanol is 9:1 and methanol is 6.45:1. If you get the jetting right (on the rich side), you could see power increases in the range of 8.5% with no other modifications. Try jets a couple sizes above the size used for pump gas and work from there.