First of all, I'd like to say that I like Prof. Nutt and the work that he's done. In particular his lead authorship on Development of a rational scale to assess the harm of drugs of potential misuse and Drug harms in the UK: a multicriteria decision analysis represent a great public service.
But frankly this effort seems misleading. Either he's misrepresenting the potential of such a drug, or he's deluded himself. While I can easily imagine a drug that could be qualitatively similar to alcohol, though less harmful to the health of the user, I am aware of no popular recreational drug (outside of a small class of hallucinogens) that is completely non-neurotoxic. Prof. Nutt of course knows this. In particular, any drug that manipulates the excitation-inhibition balance as its primary action is almost certainly going to lead to habituation when used chronically and therefore will cause neuroexcitotoxicity when withdrawn.
Furthermore, any claims regarding lack of addiction potential should also be regarded sceptically. All widely used GABAergic drugs (ethanol, benzodiazepine, GHB) that I am aware of possess significant addiction potential. This may be avoidable, if the new drug were appropriately designed, though I cannot say that with certainty since I am not an expert on the binding properties of such molecules. But I should point out that the binding properties that give them their "desirable" effects also will cause them to bind to the interneurons of the VTA (Ventral tegmental area), part of the mesocorticolimbic dopamine system --- which is believed to be the initial locus of all drug addictions. For more information on this see Drug-Evoked Synaptic Plasticity Causing Addictive Behavior, Christian Luescher 2013 (JNeurosci).
Anyway, I think there are probably good reasons to prefer a tailor-made alcohol substitute, but I find it very strange that Prof Nutt is choosing to promote his efforts in this way. Given his history I would expect him to be a little more rational about how he promotes the work. On the other hand, given how irrational the public and the government are regarding drugs, maybe it's more reasonable to engage in a bit of propaganda. Unfortunately I think it goes against the spirit of his efforts in the last years.