Home made E50 for racing?

Just thinking about cheap alternatives to straight E85 that might work in an unmodified carb. Let's say a guy has a 11.5 to 1 compression iron headed motor and wants to get by on a budget. If a test kit was used to see the true % of ethanol a little math could be used to determine a mix that would be e50. No data to support the next two comments, just a guess. Would e50 be able to run well at 11.5 to 12/1 compression? I would hope so, but that is probably the upper limit if you use 93 octane to mix.
The other thing is I picked e50 because it should only require a 20 percent increase in jetting to run well, so carb mods to run e50 might be limited to shooters and jets. Comments?
Here you go

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