I would say no, IMHO.
Off the top of my head, these are things that I think would be bad:
Starting the thing cold if it's a kick start. I'm not certain, but I would think the compression ratio you would have to run to notice any benefit would make kicking the thing very unpleasant. Also - I don't think you could change the enrichening circuit enough (choke) for cold starting.
Jetting the bike to run right will be a lot of work - to get it to run like it does on gasoline. You can't just increase the main jet xx sizes and have everything work. I'd imagine you'd need to experiment with different needle tapers and slide cutouts. I think the folks that run alky (in general) always run WFO - so if they have a part-throttle stumble - they really don't care.
Alcohol is very hydroscopic; Not sure if that would cause any concerns for your crankcase bearings.
Compression ratio - how would you increase it? Unless there's a piston sold that is super - high compression, you're left with machining the base of your cylinder and milling your head. You need to know WTF you're doing - and I'd imagine you'd want someone to open up your porting / return your timing to where it was before machining your jug base (thereby lowering your port timing and changing the power characteristics of your bike).
That's what comes to mind - whether or not they are actually valid problems, I don't know - I've never built what you are thinking about, I've just worked on 2 strokes forever and also work with ethanol in cars.