85% ethanol? Didn't know our cars could use that.
A tune change is all that's needed with a stock car. A stock 3v motor will pick up about 10/10 rwhp/tq. E85 really comes to life with more cylinder pressure either through higher compression or boost.
Keeping all things the same a 4.6 3v making around 500rhwp will gain 35rwhp just on the fuel change and changing only the stoich in the tune. More gains are possible with more spark advance and more boost. Boost can be added to the limits of the motor because E85 won't detonate. Spark can be added until it starts making less power for the same reason.
E85 or even E50 or E30 are game changers for internal combustion engines. Ethanol reduces the threshold for detonation and cools the combustion chamber. It can't really be compared to gasoline with gasoline metrics like btus.
The oil companies go to great lengths to demonize ethanol. You can find plenty of people on here who have had great success with it. In fact it is my belief that having 10% ethanol is part of the reason we can have stock motors with 12:1 compression that run on 87 octane. There are other factors but the cooling and anti detonation effects of ethanol are part of the equation imo.
I've seen a few oil company advertisement that are made to look like news stories. Their only purpose is to demonize ethanol. Why? Because only one oil company has invested in ethanol production, the rest of them see it as something that cuts into their profits. This is the same reason they fought to have MTBE used as an octane booster. They knew how dangerous it was but they ignored that and said they just couldn't put ethanol in their product (MTBE is made from refining byproducts that are hazardous).
Sorry for the soapbox, it wasn't directed at you. I come from a farming background in corn country and get somewhat excited when ethanol comes up because most of the info out there just isn't correct. Have a nice day.