The problem there is all of the plant fats that would also extract into the water.  Rather than snorting/smoking seed powder, you'd be attempting to snort/smoke fatty plant goo + bufotenine.  I guess that would probably work with vaporizing, though it would probably be about the same as smoking the raw seeds; the thing that makes the smoke unpleasant is all the plant fats, some of which form an irritant chemical called acreolin on combustion. I'm not sure whether you could get the material into a snortable consistency if you're interested in the intranasal route.

But the good news is, bufotenin extraction doesn't require naphtha.  There's an extraction tek on drug-forums posted by 69Ron (it may be on this forum too, I didn't check) using acetone, citric acid, and pickling lime.  So it looks easy enough to get clean bufotenin of a fairly high purity.  (SWIM can't yet confirm, but says he has some seeds on the way to his boathouse in international waters).

I have to admit though, its water solubility makes me intrigued by the idea of harmala/yopo espresso :d