Savage, I can only assume that you are talking about running methanol injection not straight methanol.
I am currently running meth injection on my L28. Stoic for methanol is 6.5:1, however since you are only injecting a comparatively small amount along with gasoline it only has a small effect on your target AFR's. I tune WOT to about 11.2:1 instead of 11.8:1
I dont think that you should be concerned with a different static compression to run with meth injection.
I can buy methanol here for $3 a gallon at my local dragstrip, making it a much better option than race gas for a street car IMO.
If its meth injection you're talking about, I wouldnt be overly concerned about added wear on an O2 sensor.