ORIGINAL: qazimoto
There is an interesting article published in the Australian Control line News mid 2000's by a chap called Lance Smith which describes his experiments with Ethanol as a Methanol substitute in glow fuel for C/L B Class Team Racers.
Finally found it.
http://dkd.net/clmodels/acln/acln111.pdf
I used to subscribe to ACLN when it was just a paper newsletter but now that it's online.....
.
About 6 months ago I mixed up a tankfull of 75/25 Diggers Metho/castor to try in my ST GS45 and it ran very well although it didn't (hand) start quite as easily. It was just a quick test to see if the ethanol worked with a glow plug so I didn't use the tacho or check head temps. The 25% castor was to ensure it'd have enough lubrication because the air/fuel ratio of ethanol is much leaner than methanol (about 9:1 compared to 6.5:1).