You really need a E85 specific carb. There are how-to's on conversion on you tube, but there is lots more to it than just bigger jets. Almost every standard passage in a gas carb is too small/a restriction, for E85.
The price savings is pretty much canceled out by the loss of energy/efficiency of E85. My friend in california is running her flex fuel expedition on E85, cause gas is $7. Her mileage went from 13 to 8.
E85 is an EXCELLENT fuel for a power adders application, or a engine built with LOTS of compression for race gas. E85 then makes sense, because of almost race gas octane rating, and a third or less the price of race gas. That price difference can get eaten up by the new carb, fuel pumps and lines necessary to run the alcohol.
There are advantages as well as disadvantages to E85 as a racing fuel. Tuning can be easier, there is a wider window of rich/lean, it tends to run very consistent et's, it runs very cool, even on hot days, can be hard to start on very cold days.
I drove a friend's mid 6 eighth car, running on E85. (12 1/2 to 1 440). It HAD to be warmed up to at least 170° to run right. I remember sitting idling in the lanes for ten or fifteen minutes, to warm it up.... in 85° southern california weather.