Can you work out for the kids at home how much it will cool the intake air in the microsecond it has before it enters the cylinder, at the speed of sound? I doubt it would even register on your calculator.
Yes the ethanol will cool the charge slightly in the bore but it is a minuscule amount, and would more help slow the air heating imo. (it definitely won't be cooling it down inside there at wot.) If you want to cool the intake charge you would need to spray the ethanol much further back in the intake to give it time to evaporate. I think if you are that worried about the intake temps by that point you have other issues.
We are much better off trying to cool the bore, as that is going to produce more heat than any other part obviously. Direct injection of water into the bore on the exhaust stroke sounds like a better option to me. I will be trialling it soon on a high comp VQ25DD running e85.