I'm looking at building my 292 to run E85. E85 has an octane rating of 105 plus. Unfortunately it doesn't have the same energy per gal. You need to increase your jet size about 27%. Everybody is correct it is a solvent and doesn't like some materials. There doesn't seem to be any solid data on just what it's going to dissolve. The best (?) suggestion is to place fuel line components in alcohol and see whick ones come out, it's in the links below.
Larry


Ethanol Links

http://running_on_alcohol.tripod.com/id26.html

http://p2library.nfesc.navy.mil/issues/emergemar2006/index.html

http://www.ethanol.org/

http://www.eia.doe.gov/oiaf/aeo/assumption/pdf/petroleum.pdf

I don't own a vehicle that isn't old enough to drink.