Yea, kinda an unanswerable question. If you are looking for cooling, then you may wish to analyze different mixes. Water has the highest specific heat, which is why many people * although not typically experimented with here

* mix the alkys with different ratios of water to balance out where their engines cooling and octane need to be. For example:
SH capacities of the common additives are:
Water 4.184
Methanol 2.55
Ethanol 2.48 (units J/g deg C)
Water takes the most energy (by far!) to raise its temp. The same 'lineup' is true for thermal conductivity as well. This is why it lowers combustion temps better than alcohol. Either way you slice it though, the mix or straight, it will lower comb temps, which helps prevent detonation.
The problem with running straight water, however, is that although by lowering the detonation via extreme cooling of the charge (which as stated is much better at doing than alkys), it doesn't have the direct 'octane-raising' properties and combustibility of the alkys as a fuel; therefore people see more power when using it over straight water.
Your C16/IC to alky proposition would depend on a large multitude of parameters, such as your engines octane requirements based on fueling, timing, C.R. current IATs, how big of an IC, turbo efficiency, on&on... Also, for street driving alky/water is the best, even if just from a practical standpoint. Last time I bought C16 it was over $11/gal. You can get meth a pump down and pay 3 bux and it will last as long as your foot lets it - race gas your tossing dollar bills out the window when you wait at a redlight. That alone sells it for many folks.
AND it smells good.
Phil