I'm running Methanol in my modified clone. It runs very cool and makes good power. It's also less prone to detonation when you raise the compression level.
Methanol is, however, very corrosive to aluminum. If you leave it in your engine it will eventually clog up your carburetor with a white powder (aluminum oxide).
Fortunately, that problem is easily remedied: Bring a spare fuel container with you to the track. After the races, disconnect the fuel line from the input side of your fuel pump. Connect a fuel line from your spare fuel container to the pump. The spare fuel container should have gasoline and some top oil or 2- stroke oil. Just fire up the engine and run it for about 30 seconds. That will flush out all of the alchy from the system. You will need to use the throttle to keep the engine running, as a carb jetted for alchy dumps about twice as much gas as the engine wants.
Alchy can also get past the rings and into your oil, so it's even more important to change the oil.