Your A/F would be difficult to adjust using an o2 sensor for one, since the stoichiometric ratio for ethanols are around 6:1 and gas about 12:1 at WOT. Using EGT to tune would be needed. Ethanols have about 1/3rd the energy as gasoline. You would have to run alot of methanol if put in the gas tank, so it would cost alot more than just filling a small tank and spraying it. The only effect you would get would be a raising of the octane, and not the cooling effect of a spray system. Plus it's corrosive and may damage components.
The point of alky/meth injection is to cool the charge. There is energy in the methanol, so you do get some added power from that...not much but some. The point is to finely atomize the liquid and spray it into the intake charge, because the finer the atomization, or smaller the droplets, the more surface area the sum of droplets will provide, to draw heat out of the charge. By just adding methanol to the gas tank, you wont get any of this effect. All that will happen, is it will raise the octane. But if you want to do that, you would be better off adding toluene or xylene to the tank, since this is what gas manufacturers use to adjust octane, for the most part. And it'll take so much, you might as well ditch meth injection and run race gas. By the way, all the numbers for xylene look to be far superior than methanol or alky for this purpose. If my motor werent dead, i'd try it out myself. The octane is significantly higher, the autoignition temperature is much higher, it has more energy, and so on and so on. One of these days, I suspect people will be selling xylene injection systems. Based on what Ive seen, it has to happen someday. Its just too good to not give a shot. More timing, more boost, same volume of liquid.
My brother brought by a spray nozzle from snow performance, another company that makes meth injection for many other cars out there. A really nice system. He has a stage 2 SRT-4 with all sorts of extra goodies. With all the added stuff, its essentially a stage 3. I was super impressed by this nozzle. Its all machined in a CNC turning center and some serious engineering went into it. Its by no means your typical nozzle. Its made up of around 5 different components, has a filter at the inlet, and the shape of the inlet and outlet, and shape of the internals, actually looks like fluids design software was used to design it. The atomization it provides is unreal, even at low pressure, yet doesnt really show the flow restriction I would expect, when I blow into the inlet. Nothing like my SMC nozzle.