Cecil is dead on about the milking problem. I have been around quite a few Flying toilet set-ups and they seem to be very easy to tune. Alcohol is very forgiving about a rich condition and will still make good power. I know guys who have set it up to be "right" during the summer months and live with it being on the rich side in the cooler months. To re-jet is not a big deal either. Some use propane to start the car when it gets colder. They use one of the hand held torches and just leak the propane into the intake as they try to crank it. Once the motor is warm they seem to not have any problems starting it.
You can expect to be more consistent as well. If the car varies a .2 over the course of a race you can expect it to be half that on alcohol.
It will not help you cut a light or let up on the top end!
I have also seen them take the oil home and put it on the stove and warm it to the point where the H2O starts to evaporate out. They leave it this way until the oil loses the milky look and then re-use the oil. They do not heat it until it boils or start to degrade!
Check out http://www.ronsfuel.com/ for more info.
EFI does not have the problems that the mechanical injection does, something like Lous Megasquirt would not milk the oil up because you could lean out idle and low rpms but still keep it rich in the higher rpms. We ran all year on the same oil with no milking and the oil still looked like new when it came out.
Tom