I ran a 50/50 water and methanol injection system with my Whipple Supercharger on the Vortec 350 for years. It eventually came off when I installed an intercooler and didn't need the injection any more. I injected post-compressor but I've seen a few setups inject straight into the rotors at the back of the compressor.
One of those systems will let you increase boost because they help prevent detonation. It's reasonable to expect to add another 2 pounds. I don't think you'd want to run straight methanol because it won't have the same cooling effect as a mixture with water.
The cons are several. The water/methanol mixture takes up space in the combustion chamber that could otherwise be used by air and fuel. So, there is point at which injecting too much becomes counter-productive.
Keeping the tank filled can be a pain, it should have some type of indicator that shows you when it gets low. If you've got your boost increased and this mixture runs out, getting into boost with the injection not working will cause detonation.
As a bonus, injecting water/methanol has an effect of cleaning the combustion chambers. Pulling apart an engine that's run it is always surprising.
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"James B." '99LT_Tahoe4Dr2WD, Tuned L29 Vortec 454, 62#Injectors, Cutouts, 4L80-E 10.5"14bolt ,EatonPosi-4.56:1, Gear_Vendors, HydroBoost, (NEXT: Brodix heads, 230/240 cam, SS roller rockers, longtubes, THEN: Intercooled W200R-8psi in the future...)
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