That wouldn't really help- it's not set wrinkles, it's caused by the way it hangs and the fact that there's insufficient weight on the bottom. Plus, the material is extremely light & thin. True, I never thought of denatured alcohol, but unless it dramatically improved the color, too, it's probably a waste of time. I might try it just to see what happens.
I really only bought it to tide me over til I could afford a nice fixed frame screen. I don't really have time & tools to build a DIY frame for the Elite, even if I was so inclined.