You wanna use it up quick and dont let it sit in your tank, that stuff doesnt hold for long. Adding Nitromethane to methanol has nothing to do with the octane rating - it's a form of chemical supercharging. As the methanol burns it creates heat which causes the nitromethane to decompose and release oxygen into the cylinder, which is then available for burning. So you can start with a rich mixture of meth/mitro mix and end up with more power from the chemical supercharger effect of the nitro.
It would, in my opinion cause slightly more wear on the engine, but these bikes are meant to be ridden. I would use it sparingly.
Some of the older race guys and hot rodders make their own "Jungle Juice" its usually like the OP said a mixture of Nitro, methanol, Av gas, any or all of the above.