Dairy, dairy me...I've been down in the garage and missed all the fun.

As for the coolant, if you manage to dry out the cooling system absolutely 100% before filling with it and never ever have a leak at an inconvenient time (like when you don't have a bottle of it to hand when you need it) then no doubt it works and will allow higher temperatures without boiling and over-pressuring the filler cap than water with a dash of antifreeze. If you can't be absolutely sure of these things then it's a pain.
As for racing use, I'm a bit surprised that it is allowed for racing; when I raced (bikes, not cars admittedly) straight water was the only coolant allowed as it wasn't as disastrously slippery and difficult to clean off of the track when it did leak. End of the meeting just pop one of the bottom hoses off to drain it down to avoid corrosion, refill at next meeting.
All told I'd stick with clean water with a good dose of high quality antifreeze with corrosion inhibitors and just make sure that the rest of the cooling system is working the way it should; good hoses, no scale, radiator in good internal and external condition, thermostat working etc.