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This is what I have heard from racers and street guys running it. Most of the ethanol destroys everything and the world is coming to an end always comes from people who have never run it. That's why I advised the OP to go to E85 forums. I'm still considering running it in my Vette. It's everywhere around here.
Dang, what an interesting and diverse thread! I guess what surprises me most is the older cars that operated satisfactorily on E85. Usually, there is a significant need for more ethanol at the same operating conditions than gasoline. The optimal (stoichiometric) ratio/fuel ratio for E85 is about 9:1, whereas gasoline is about 14.7:1. Ethanol already contains oxygen molecules. Today's E85 vehicles have fuel injection systems with broadband O2 sensors and fuel sensors capable of making the wide-ranging calibration changes.
Many years ago, we worked with both Ford and GM on the effects of E85 on engine oil performance. Those vehicles had SS fuel tanks and lines, as well as other components designed for alcohol compatibility. If you decide to use E85 in a non-designed car, keep an eye of engine oil color and dipstick level. Only use oil that is formulated for alcohol fuels, i.e., racing oils.
Vic