Water alone will cool quite well but Methanol does help a little more(whatever mixture) it a two fold thing for me... . EGT's and Power. I've seen two trucks now that have run it for extended periods of time without issues, a 2nd gen that finally let the head gasket go after 1. 5 years... ... . head was out . 010 from flat, and mine with a new short block last winter, just keep in mind that if you mix water/meth real strong that your playing with fire when adding timing via box or manually, the 3rd gens don't seem to have the headgasket issues that the others do though!
BOTW, I've been running Matt's system for 2 years now! Dynoed Saturday with a 57 HP gain..... about normal for my truck!
Jim