Alcohol is a solvent that may chemically change the nature of some toxins, good or bad, but it will only "kill" bacteria.
I'd be worried about what the "additives" would be introduced to modify taste, color and clarity. For some reason I have this mental picture of Prestone containers beside every aging barrel.
Yes, the sulfite warning should now be extended to cadmium, lead, arsenic, and others. Can you see the wine critics going “and the slight tinge of cadmium colors the sulfite bouquet with hints of cherries and oak...”