I'm with the "don't do it" brigade. Only because I can't play a thing with a drink in me. I don't even need to have had a lot to drink to affect my coordination, one or two will do it. Conversely the other guitarist in my band is a BIG drinker and can down 8-10 pints during the course of a gig without any detrimental effect to his playing (and he is VERY good).
As a youngster I played in a "working" club/cabaret band with a bunch of older men. I was in my teens and these guys were late thirties, early forties. They taught me many bad habits but I learned fast that I couldn't copy them and still expect to get on stage and perform.