I suggest you replace the rubber fuel lines with modern fuel hose, anything made in the last 5 - 10 years or so should have no problems with ethanol.

I keep meaning to set up my Megasquirted 245 to have an 'E85' switch on it. Basically just an external switch to swap the fuel and spark tables. I think the functionality was originally intended for use with a dry nitrous kit, when the nitrous kicked in you could switch to a table with extra feul and retarded spark. But I figure it will work perfectly fine with E85, just switch to a fuel table with ~30% more fuel, and a more aggressive spark table (since the E85 is 105 octane). I'll just need to run it near empty, the fill up on the 'other' fuel, run it for a minute, and flip the switch the other way. I just need to add a wire from the circuit board to a switch. I could do it now, but I'd have to have the laptop along for a fuel switch.

Higher octane - more boost, more hp, more fun. Weee!
--
'63 PV544 rat rod, '93 Classic #1141 245 +t