Here is an article on the fule system set up.
http://usrainfo.org/fuel_systems_formula_1_alcohol.htm
You can go to usrainfo.org to ask about buying a rtf gt8o converted to alky and you would be set. Fred Sattler makes the props and he is under the link to the vendors and suppliers to GSR.

All classes currently fly 6 laps on the 1600' and yes the time is 2:00. You need a 150 mph plane, and a pretty good turner as well.