IMHO phenaz dissolves better in 195 proof ethyl alcohol better than iso alcohol. And ethyl alcohol isn't as gross to consume.
I'd still rather lay it on blotter paper too. Like even if you use too much alcohol to dissolve your phenaz (sometimes it takes a little work stirring) you can just reapply the blotter paper, let it evaporate, and reapply over and over again.
Personally I like using 1 gram phenaz to 900 blotter hits. so considering you'll lose a little bit laying them or storing them, you end up with an easy to dose 1mg to one blotter.