What he said. The real benefit to methanol is its endothermic vaporization... you have to use so much of it to get the same fuel density of pump gas, and all that extra fuel vaporizing lowers combustion temperature immensely. If you can take advantage for that cooling, it is an amazing fuel... probably second only to Nitro mixes. But you would need a metric shit ton of compression and timing to take advantage of that.... something you just wouldn't do outside of a purpose built dragbike.

The negative effects are legion. It's poisonous. It has no visible flame when it burns (https://youtu.be/U8b99OjLdlY). You need 61% MORE fuel for stoich. It's corrosive. It's Hygroscopic. It's just bad stuff.

If you want to go the rocket fuel route, try MR12 or Q16.... you'll be happier that way, most likely.