Petroleum based fuel is the best for sleds. Unless you have full access to your tuning and know what you are doing, you will only make less power and likely cause premature wear. Alcohol burns cooler than petroleum which may seem beneficial, but it affects gap tolerences in your motor. Also, alcohol is abrasive compared to petro. Alcohol motors require the use of additives to increase lubricity in the motor and have different gap tolerances to account for those issues.
So why do people run alcohol? The answer is TIMING...alcohol drastically increases octane characteristics allowing the tuner to increase the timing curve. In tuning, timing makes power up to an optimal point. If you simply run alcohol, the sled will make less power because alcohol contains less energy than petro without more timing. Also, if your engine is optimized well from the factory, additional timing may be of little use.
Like previously mentioned, stoich changes too. The target afr on alcohol is much lower than petro meaning it takes more parts of fuel to parts air to optimize combustion. Adding alcohol leans your sled out. Most engines are design to manage up to 10 to 15% since that is available at the pump. This is a problem because you will get sunstantailly worse mileage per tank and reduce your riding time as the alcohol mix increases.
Finally, alcohol really shines when using power adders like turbos, superchargers, nitrous and/or really high compression. As boost increases, you get closer to causing detonation which requires the tuner to reduce timing on the same octane. Alcohol is used to remedy this issue in race applications where boost is 40 psi and higher and fuel mileage is not a concern. Alcohol allows for much more timing to be used under extreme boost. In mild applications, alcohol is injected for intercooling effects in the form of water meth injection whereby water helps cool the charge. On street cars, water meth is popular since you can run more boost on pump gas (driven by availability and cost). So, unless you are running crazy boost, I would stay with petro since it is a lot less headache.
Sorry for the really long post, but I thought most people do not really appreciate alll that goes into that decision.