Feasible? It’s entirely feasible. Lots of people make big big power on e85. Myself included. My v6 turbo Honda in my falcon has a flex fuel sensor and I can run any blend of e85 to 91. It takes a good ecu with multiple fuel maps but it’s like race fuel at the pump. Two problems, not enough gas stations carry it yet, and your fuel system has to flow lots and lots of fuel. With a carburetor on e85 it’s a little more tricky. You need high flow needles and seats with e85 calibrated circuitry in the metering blocks and a big fuel pump and all the rubber in the system needs to be compatible. Totally doable. But it’s a pain in the *** to switch back and forth.
