I think I would go for ethanol, I've read methanol is better for alkaloid extraction (like for DMT extraction) but is far more toxic. Of your don't get it all dry it's not goed for you.
Ohh yeah, about smoking, I have heard that smoking a joint out of dried shrooms is pretty muach a waste, but a few months ago me and 2 friends went to the woods to collect some Semilanceata (the weren't verry potent but we had a good laugh)and smoked a few dried shrooms in a joint with weed, and we had an unusual laughing-binge (if you know what I mean) joint after again (also with shroom). But freebasing you don't really burn the chemicals. Ahhh well, keep speculating, till I try it myself /forum/images/graemlins/wink.gif