In Sweden, they have since long been using E85 as an alternative fuel. Newer cars may be prepared from it from the start, but people have successfully been converting older cars too (among them 240s, and and even grass mowers) to run on E85. The way I understand it, converting a carb'ed engine is easier than a fuel injected one, but on FI engines you have more options: You can replace the injectors, or increase the fuel pressure, or in the case of EFI program the brain to optimum performance.

There are lots of Swedish sites for info on E85 conversions, but this is the only link I found to US pages: http://e85forum.com/forum-1.html

Erling.
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