For the benefit (again, what 13 hp? 15?) I think complexity you don't need and yes, a waste of money. If you're going to DIY the whole thing, maybe you can do it fairly cheaply, here is a pre-built kit for $360. Plus the cost of the methanol. And whatever you do, don't run out on a WOT pull.
I'd rather do something else to the engine to get 13 hp. YMMV.
http://www.amazon.com/AEM-30-3000-Gallon-Methanol-Injection/dp/B001DX7K74