You'll need a massive fuel system to make big power with methanol. Stoichiometric AFR is 6.4:1.
I think ethanol (e98) is the best replacement for race gas in a race car. It's cheaper, doesn't require as much fuel system as methanol (9:1 stoich AFR), is less corrosive than meth, and, from what I've read, makes more power than race gas.
Edit: Here's a link with some info on using alcohol as a primary fuel. Methanol