Pro and Cons of E85

Cudafever said
My 408 compression is 12.5:1 aka racing fuel only! I know that the carb will have to be modified for E85 and standard rubber hose have to be replaced, but what else.

Lots of discussion here on E85 use in street/race cars:
http://www.chevelles.com/forums/
Do a search in the engine & performance threads.