I've seen a couple of sources that indicate that with a "proper tune" you can actually make more power with water only -----BUT ------- that tune is a very agressive super lean AFR tune. Very bad juju if things go even slightly wrong.
The methanol ratio in effect changes your effective ignition timing as by adding and subtracting methanol you change the engine's need for ignition advance slightly.
From what I've seen you can get a wide range of water alcohol mixes to work well if you tune for the specific mix. Many people use the 50/50 mix for the simple reasons that it is easy to mix, it is well documented in the various sources and seems to get the job done even in very cold weather as it has a low enough freeze point to not be a problem for any but the folks in the extreme north latitudes.
In specific answer to the question, --- probably yes, but you may need to re-tune some as you change mixtures. To make the same power on water only you generally need to run a leaner fuel mixture to counter the higher cooling effect of the water.
Larry
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