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?
I am contemplating the same thing.
Even straight pump e85 is way cheaper than race gas.
My concern is getting a consistent blend. What test kit are you looking at?
Since my car is still in the build upgrade path, I went ahead and plumbed the fuel lines with Teflon hose.
Also shortly I will be taking my 3 gallon fuel cell while it's still new,
For hard anodizing and outside powder coating so that it will be compatible with any fuel. The new Holley hp carbs are also black anodized for use with methanol or alcohol.