I've used Grahamcracker watercolors before as well as Cottman. I've used both as washes and for other misc stuff like oil streaks and such. Dish-washing detergent, as well as Smurf Juice (winshield washer solution) helps to break the surface tension and allows the wash to soak in.
Alcohol can be used as well, but BE CAREFUL. It may have adverse effects on whatever paint or decals you may have on the model. I suggest taking a large scrap piece of plastic, or something similar , and painting it with the same stuff that's on the model or that you plan to use on the model. Throw on a scrap decal and seal it. Try out the alcohol-thinned wash at different stages to see how it might affect the paint, decals, final clear coat etc. Don't take a chance on a good model with a new and possibly risky technique.
The only difference between 70% & 90% alcohol that the modeler should be concerned with is the fact that 70% has 70% alcohol content and 90% has 90% alcohol content. LOL
Seriously though, it really won't matter too much for what we do with it, whether it be for thinning paint to spray or for other modeling related stuff.
Fade to Black...