I dont know anyone who actually uses it, but i would guess that you could run it as long as you rejet for it. Your jetting should be very similar to running methanol. At one time I did setup my bike to run methanol but changed beck because at that time the price of methanol was approaching the price of race gas.
The problems you should be looking for are:
Fuel starvation - your current setup may not be able to feed enough fuel through the carbs.
Less range - you will use fuel much faster so you will need to watch the level.
Lighter wallet - again, you will use fuel much faster.
And yes, I would purge every time. The high alcohol content is not great for bare aluminum, plus if you let the alcohol sit long enough it will congeal and clog up the carbs.
Just my .02 . . . . . .