Some things to consider.
The alcohol is not a substitute intercooling. You have to look at the properties of the liquid, saturation temperature and saturation pressure. At 22 psig the saturation temperature(boiling point) of methanol is 199 deg F. As the pressure rises or drops, correspondingly, so does the saturation temperature. Your ability to cool below the saturation temperature in a practical manor with methanol(or any liquid) is virtually nil. You get the most cooling effects when it enters the combustion chamber, and it flashes to a vapor during the compression stroke, cooling the charge and inhibiting detonation. The higher fuel to air required for methanol means you get greater cooling while being able to optimize the A/F ratio over gasoline. It is the latent heat of vaporization that lowers the charge temperature as the sensible heat is very small. A hot air car can benefit quite a bit from alcohol injection because the manifold temps are well above the saturation temperature, so the alcohol will flash to a vapor in the manifold dropping the charge temperature.
When someone is reading low temperatures while spraying alcohol, the alcohol is wetting the temperature sensor, pulling the reading down to the liquid alcohol temperature. In addition, the a constant process of wetting the temperature sensor with a constant evaporative process taking place on the surface of the sensor, you get a low temperature indication. It is almost identical to the process of how the wet bulb temperature is determined for the weather. The air stream is going to generally be whatever temperature it is when it exits the intercooler as it takes a fraction of a second for the air to flow into the combustion chamber from there. No time for a significant amount of evaporation to take place. Evaporative cooling requires a large surface area and residence time which don’t exist in the intake system of the car. The difference on the temperature sensor is that a quasi-steady state condition has been set up where you are continually wetting it with ambient temperature alcohol, and a continuous process of evaporation local to that surface is taking place.
The interesting thing going here is that the effort is looking to optimize heat rejection vs pressure drop with existing hardware. Good luck, looking forward to the results.