No, it is not working in our Packards now so there would be no reason it would work well (long-term) back in 1933 when the photo was taken.
By the mid-1930s tetraethyl lead was added to gas and ethanol went away. Had is stayed around any longer they would have found out about its corrosive effects on fuel systems just as we are discovering today.
This photo is making the e-mail rounds (I received it twice in one day) and I am doing a short write up for my PAC regional newsletter.