The ethanol debate is so politically charged and there is so much disinformation about it out there that I think many of us have a "received opinion" about it: we believe what we are told to believe... some of us are prejudice against it maybe for the wrong reasons. Cars have been run on alcohol since Model T days.
When I visited Brazil in 1992 approx 60% of the cars ran on alcohol made from sugar cane. I don't know what the percentages are today.
Back to the original question of what fuel you should run; your 216 will run just fine on straight gas or the E10 blend that is so common everywhere. I run mine on the cheapest pump at the station. With some tuning and re-jetting of the carb it would probably run fine on E85. Though admittedly with some less power and fuel mileage as alcohol has less BTU's per gallon than gas.

Professional Novice