No, Alky esentially just raises the car's gas octane rating. Methanol has an equivalent octane rating of 120+ so spraying it into the air fuel mix and taking out part of the fuel just raises the "octane". Also Alky helps to atomize the air fuel mix better. The cooling effect is a nice biproduct, but it isnt what controls detonation.
Honestly, I think there is a lot of potential with an alky sprayer combined with a small shot of nitrous(say a 30hp shot) On our cars it would be worth 50-75hp. Combine that with the intercooler sprayer and you might be looking at 100+hp without actually doing anything to your engine or turbo(other than tuning). Also with nitrous being sprayed into the engine you could run a turbo that would normally require a 3000+ stall on a stock stall converter. Multiple power adders done right can produce insane **streetable** horsepower. I just dont get why people go out and buy parts that make their cars sluggish on the street when they drive it every day. Throwing on a huge turbo and a huge stall are great for the track, but suck balls on the street. I drove a car a few weeks ago with a 3400 stall and a much larger turbo. The guy said it put down around 650 or so to the wheels, but it was so damn sluggish and laggy that I wouldnt want to drive that thing every day. Maybe my goals are different than other peoples, but I want an all around good feeling car with a very broad power band. I guess I just like N/A and blown cars too much
Seriously though, I keep hearing numbers of 30-50whp from super chilling your intercooler. I didnt believe it either until I went for a ride in a car equiped with a sprayer... This was a 350whp neon srt-4... This is definately a good trick for street racers, and it has already been proven at the track. No matter how efficient your intercooler may be, this WILL drop your intake temps. It only makes the intercooler work better.
Also on a side note: If you dont want to get CO2 in your engine at the line then freeze the intercooler in the stagin lanes or in the burn out box. With a nitrous sprayer it wouldnt be a problem though...