No experience with alcohol based, I think the same pigments/dyes are used in water based though. I have used the Minwax water based stains and have had positive results. There is a learning curve and I strongly recommend practicing on scrap. I wanted to come close to the Sapele color on the deck of a Wood Duck with the Okume sides. Here's a pic.

 I had to use one color for the shade/tone and use another to add some red to it. It layers well and dries very fast so don't get too far ahead of it. One hitch is it doesn't penetrate much and ANY sanding will remove it. pic I think the only way to make this work with strips would be to apply after final sanding and you would need to tape the pieces you don't want stained. Maybe too much trouble? It is an easy fix though to touch up sanded (bald) areas.On a later build I stained the same pieces in place after final sanding and the process was much smoother. Heres a link - scroll down about 2/3.

 Guess I should have explained the first picture. The piece on top is raw Okume, below are the side panes and on the bottom is the Sapele. (The Sapele is raw but darkens after epoxy.)

 Good luck!