I've worked a career as a lab biochemist. I'm quite certain that distilled water isn't necessary to clean finger print residue from record groves. The ultrasonic cleaner and detergents do all the work. As long as you can find cheap distilled water easily, it isn't worth debating.
I'd also try skipping the 20% isopropyl alcohol, just to see if that works. If you have especially dirty records, it might help with rinsing out the detergent/finger print debris mix, but I'd give it a try to see what happens. Isopropyl alcohol may also be an unneeded component.