IF the production and distribution infrastructure was in place,(or once it is in place), then alcohol could or would be a viable fuel. Even though alcohol contains just under 50% of the energy gasoline does, it CAN be made efficient enough to be a viable fuel. However, engines must be specifically designed AND tuned for it, and that will preclude fueling those engines with gasoline. Therefore everywhere gasoline and/or diesel is sold, alcohol will have to be available. If the infrastructure is not there, alcohol vehicles just are not viable. We have land lying fallow, and there are already plants producing methanol. Recently, in racing, methanol has been oxygenated, producing more power and a more complete burn, so there's room for further improvement as well.
Any gasoline fueled vehicle (or even diesel fueled vehicle) CAN be converted to run methanol, but it can be expensive. The engine needs to be completely rebuilt, the fuel system replaced, and any electronic engine or drivetrain controls completely reprogrammed or replaced. The exhaust system requires modification as well, since burning alcohol creates formaldehyde and higher nitrides of oxygen. Upper engine lubricants will alleviate some of the formaldehyde issues.
Properly built and tuned, an alcohol fueled engine can produce as much as 25% MORE torque than a comparable gasoline fueled engine. In theory, alcohol fueled engines could be smaller and still power the same vehicle at the same level of utility, comfort, and performance. Cooling systems could be reduced in size and weight, further increasing efficiency. Alcohol has an almost limitless octane rating, so turbocharging can also be used to make smaller engines useful in larger vehicles.
Synthetic motor oils are actually alcohol (synthetic esters) based. If we were to use no mineral oils for lubrication or hydraulic systems, and no mineral oil for fuel, we could make serious gains. But it would be neither fast nor cheap. Further, the very green/eco/liberals who scream for an end to dependence on foreign oil are guaranteed to go ballistic over the agricultural and industrial changes required.