It is possible.....but probably not practical.

Here is some good reading on the subject.

http://www.turbofast.com.au/racefuel2.html

Hmmm..... This is not turning out to be a fantastic idea. My bike is tuned well now and I put 91 in it, It's just that rubbing alcohol is super clean burning. I'll have to read a little bit more on the link that Dave gave me, But it sounds like "alcohol fuels", Which apparently contains some really nasty stuff, Are used and its not just straight alcohol. I wonder about hydrogen...   actually what would be the difference between putting in 91 or 89 as opposed to 110. There was a 76 down the street from where I used to live that you could buy 110. It was definitely more expensive. but why?

There is no need to run a higher octane in the engine, and it will not run any cleaner on gasoline with higher than 87 octane.  The higer octane gasoline is needed in higher compression engines to control engine knock..also known as pre-ignition or detonation.  The Savage engine is only 8.5:1 and runs fine on 87 octane.  The higher cost for premium fuels is based on them being more costly to refine.....and the smaller demand.

If you feel guilty about riding around on a primitive bike without pollution controls......put a Dyna Muffler on it that has the Catalytic converter built into the front of the muffler.  That doesn't seem to hurt the performance and it might clean up the emmissions a bit.  

To run on alcohol about all you have to do is change carburetor jetting, going up however much is required to change the mixture from the nominal 12:1 or so for gasoline (theoretically it should be 14.7:1) to about 8:1 for ethanol. But other corrections have to be made to take into account the corrosive effects of alcohols. Alcohols and the water they absorb from the atmosphere can cause corrosion in the steel tank and the alloy/brass carburetor. They can also dissolve plastic and rubber parts such as fuel lines and plastic carburetor floats.

Methanol use is quite common in racing venues, and it is well understood. I haven't looked lately, but I think Formula 1 and Indycars both run on it. A dead giveaway is the water they spray on the fuel filler area as the cars pull out of the pits to wash away and dilute any spilled fuel.

Do not forget that alcohol production has its own pollution problems and energy use.

Without a clue on the economics...

Propane
said to be clean burning and prolongs engine life.
quite a few cars run it already so may be more available.

Energy in a gallon of alcohol is only two-thirds of that contained in a gallon of gasoline. Not something I would do.

Diesel fuel is oily. In comparison unleaded gas is anything but.

Apache: That's interesting, I didn't know that gasoline has a greater energy value then alcohol does,, I thought it was the other way around. I used to be a truck driver and yes, diesel is nasty! Hate that stuff.

Dave: Oh you're one of them high performance dudes eh? Awesome! You're going to be my "go to" man from now on. Getting this bike with the best thing I've ever done. Tell me, what kind of head work are we talking about? And what constitutes a free-flowing exhaust and air filter?