Gas solubility in water and alcohol
So long as we assume that this is an ideal situation in which there is really insignificant solubility of the gas in ethanol but significant solubility in water, then yes, you can assume that the concentration in the mixture is linear with the water fraction of the liquid. In other words:  

$${H_m = H_w * x_{w}}$$  

Where:
${H_m}$ = Henry's law solubility of the gas in the water-ethanol mixture
${H_w}$ = Henry's law solubility of the gas in water
${x_{w}}$ = mol fraction of water in the liquid phase