@OCtoolguy Ray, many years ago we used to tell what a finished piece would like, eg the grain, by spitting on it not very hygienic so now I just rub a little water on with my finger. The only reason I could see for using the Alcohol (Metho) is that it would dry quicker. No need to drench the item.
As for it raising the grain, it is minimal and as I am sure you have sanded the piece, another 10 seconds to cut it back isn't going to be a problem.
As for colour run, I have seen that with Jarrah and Pine when the joint area has been flooded with finish.
Can't wait to see the finished product.