It takes about 30% more fuel to be the right mix, and it has a large percentage less BTUs per pound.
Car Craft or Hot Rod did a complete side-by-side test on gas vs. e85. They did an apples-to-apples test on the same motor set up with 9.5:1 on pump gas, and then 12.5:1 on E85. They burned 30% more fuel and made the same power.
So, race gas yes because it can handle high compression, but not race gas from the standpoint of super high performance.