Where did you get your hands on ethanol? Especially in Melbourne? I'd love to know
Normally you can't buy ethanol over the counter other than in the form of booze, if you need ethanol in a lab or for commercial reasons it can be difficult to get (or very expensive because you pay the "sin tax" on it). You used to be able to buy a Polish spirit at Dan Murphy's that was 95% but I'm not sure they sell it any more because you can kill yourself if you drink too much and Australia has turned in to a nation of of nanny state pansies. It was also really expensive so I wouldn't recommend it for stripping miniature (grog tax and all that).
Anyway, that aside. Ethanol can be a good paint stripper, I've used it to strip models in the past, BUT, I've never used it to strip plastics, I don't know what it'd do to plastics. The reason it's not commonly mentioned as a paint stripper for hobbyists is because it's not easy to get. I got it from my laboratory (well, technically I took my miniatures to the lab

).
I'm not really aware of any major health risks other than being flammable and inhaling it will get you drunk in a slightly more dangerous way (goes straight to the blood stream).
So, avoid inhaling, avoid flames, test it on plastic first, and tell me where I can get some