Hooch is a natural byproduct of fermentation and is mostly ethyl
alcohol. You could drink it with no significant ill effects but I
suspect the taste is less than great. Baker's yeast and flour is not
the ideal combination for beverage fermentation so the product may be
off flavor, however, ask someone who has done hard time (prison)
about the brews made there from various carbohydrate products. I
have heard stories from old Alaska folk about drinking the hooch from
batches of sourdough starter but they may be just that, stories. The
bottom line is if one wants the effects of alcohol he/she will
tolerate almost any taste to get those results.
Generally in the production of alcoholic beverages there is time
ranging from a few weeks to years for the flavors to develop in the
product before consumption. Any fermentation process can develop
undesired byproducts leading to off taste and unpleasant odors. So,
for beverages I would stick to tried and true ingredients and leave
the hooch in the starter jar.
Pop