Why would alcohol be hard on bearings? Except for deluting the oil and loosing lubrication? Where not talking about mixing nitro? I have never had a problem running alcohol with engines or fuel lines.
Yes if you have a serious set of steel rods u can run them. Just remember parts dont last forever and if they have been turned up like that in the boat, Its probably time to change them.
What size blower was on the 572 before?
Remember, your gonna make more power going blown alcohol than gas.