Over the decades I have been smoking pipes, I have read that it was not favorable to use alcohol on meerschaum. Obviously you can use it to clean the stem but I would keep it away from the bowl and shank.
Since you never want a cake to build inside the bowl of a meerschaum, here's what I do:
After each smoke, I use a pie cleaner to clean the pipe as I would a briar. I fold over the cleaner and apply it to the sides of the bowl interior. Then I twist up a paper towel and twist it inside the bowl. After a few smokes, I ream out the bowl. I find that I have better results and more control using the Savinelli Fits-All reamer. I have also just purchased and use the Decatur Pipe Knife which also works very, very well. I have many types of reamers but find I get the best results with these.
Lou