Steve,
when I read your post I must admit to being a little uncertain as to your intent with your "advice".
I have been a qualified master goldsmith for nearly 20 years and I find your suggestion that one quench red hot metal in a 70% solution of alcohol to be somewhat hazardous to say the least, not to mention utterly unnecessary.
Generally speaking, the alloys of gold that would be useful for inlay work should either be quenched in water once the red glow has gone ( ie; black heat ) or allowed to air cool. There are of course various white gold alloys, 9 and 14 carat yellow and red golds that need to be treated more carefully, normally air cooling, for instance. Water quenching some of these latter alloys can frequently cause brittleness and leave the metal harder, but as I have already said, these alloys need not concern us.
There is one application I can think of which may be what you are suggesting but it is does require a certain amount of experience and does'nt involve plunging red hot metal into highly flammible liquid. I don't think potentially dangerous techniques like this have a place on a public forum, particularly as many novices may ( in most instances, justifiably ) utilise the advice offered here.
A far safer procedure for annealing very fine wire is the following. Wind the wire into a loose coil, wrapping the end over to hold it all neatly in place. Place the coil into a shallow metal dish, a cleaned shoe polish lid with the paint previously burnt off is quite convenient, with a spinkling of sawdust. Now heat the lid from underneath using a gentle flame. Once the sawdust begins to char or smoke, the job is done. Allow to cool and it's ready for use. Foil can also be annealed in a metal lid like this but in this case merely mark the foil with a black marker pen, once the ink has burnt away the foil is annealed.
Remember,be careful when playing with fire, folks!
regards, Ford