IMHO unless your are going with forced induction E85 is not a good plan. The BTU content of the fuel is very low and unless you can force a ton of it in there or build an N/A engine with the fuel in mind, stupid high CR's, big injectors etc.
A friend of mine decided to go E85 on a 1441 Gen II. He put in bored throttle bodies, S2000 injectors, external fuel pump, was running 16 to 1 CR and big cams anyway so they didn't open up the motor. Spent lots of hours on the dyno playing with timing, fuel etc. and ended up with about 5 less hp at top and something that ran like a pig down low. These are also guys who kind of know what they are doing as far as motors go, the same motor with Q-16 had run 215 mph at Mojave earlier that year with a guy built like a linebacker riding.
Now if you have a turbo that is where the fun begins with E85.
Would like to see people who are far more knowledgeable about E85 tuning and building then me jump in on this because in no way I am an expert just an observer.