Rubbing alcohol is typically just 70% isopropyl alcohol (IPA). Those of you remember your HS chemistry will note the namesake means it has 3 carbon chains, ethanol has 2. Methanol has 1. They are all alcohols. IPA, and sometimes ethanol, are used for medical purposes because they are less toxic to humans than methanol (wood alcohol). Yes, rubbing on your skin does mean some of it is absorbed into your system.
Can it be used in your CPI system meant for methanol? Yes. The caveat being the common over-the-counter 70% IPA has 30% water. There is hardly any other "impurities" in it. The water content is itself not harmful. In fact, it can be just as beneficial in reducing incoming charge air temp. Water has by far the highest latent heat of evaporation, compared to any of the e alcohols mentioned, and much more than gasoline. So it has the potential of having the highest effect of cooling intake air temp (IAT). The problem with water is its low vapor pressure, which is just a fancy way of saying water doesn't evaporate as readily as the alcohols. Realistically, this might be more of an issue in the colder months, when ambient air temp is very low, and so liquid water gets too lazy to flash into gaseous phase. Summer time... when it's hotter than Hades, not a problem.
In fact, back in WWII, fighter and bomber engines quite often use water injection to boost power. So it does hold merit.
As long as your CPI system plumbing is okay with water content, you're okay. I would imagine it should be. Since any alcohol - including methanol - is very hydroscopic and will draw moisture from the air, that means if you let the methanol sit for any length of time exposed to ambient air (especially if you live in the warm humid South) you are already injecting a mixture of alcohol and water.
BTW, sometime 90% IPA is available over-the-counter. I've even seen 99% IPA occasionally. Although, how accurate that really is is anybody's guess.