I currently use 2 parts denatured alcohol to 1 part FeNO3 crystals.
I do 2 coats, heating after each, followed lastly by a wipe down with ammonia-damp rag.
Does alcohol yield benefits over water with respect to grain raising ? dunno, haven't done any side-by side comparisons, but the final results are just as good with denatured EtOH and I figured it can't hurt.
I have heat blushed both wet and dry, and I also recommend the wet for just the reason Gary mentioned above.
I learned the hard way.
Mike M