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While it is adding a new component, water/meth is reliable. Other than some one in a million failure, I think the worst thing that would happen is the meth would stop spraying. Then you'll be right back to where you are now.
On my non-M, I use water/meth instead of an intercooler, and it's running higher boost levels than either of the M's... although the compression of the M54 engine is lower. I wouldn't advise tuning for meth on a track car due to the high temperatures and increased risk of catastrophic failure in the event of a problem with the spray, but if you use it as supplemental cooling only, I'm not sure I see an issue. If not for power reasons, I would do it for engine longevity.
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