A couple of random thoughts here:
The motor will detonate worst at the torque peak where volumetric efficiency and cylinder pressure are highest. Depending on the cam, this will be from 4500 on up and with the engine noise at those rpm's, you'll never hear the pinging until you hole a piston or butt the rings together and tear off the top land.
Gasoline stoichiometric is 14.7:1, max power rich is 12.5:1.
E85 stoichiometric is 9.765:1, max power rich is 6.975:1.
Copper is impervious to ethanol.
Faced with your dilemma, what would I do? I'd build a dedicated fuel system to run E85. I wouldn't use the existing fuel tank because of residual crud in the tank and lines that would be leached out and into the carb by the alcohol.
I'd mount a plastic fuel cell inside the trunk on the trunk floor
http://www.summitracing.com/parts/SUM-290102/?image=large
with a 1/2" copper supply line and a 1/2" copper return line to the front. I'd use rubber-coated Adel clamps about every 12-18" along the frame rail to prevent vibration and work-hardening of the copper. I'd mount the cell up on spacers to keep the outlet/inlet inside the trunk and face the cell with the outlet/inlet facing to the rear of the car. Two 1/2" holes in the trunk floor would allow running the lines outside the trunk floor to the frame. Be careful and don't drill into the existing steel fuel tank.
I'd mount this pump inside the trunk, securely mounted to the floor on rubber isolators to minimize pump drone inside the car. Using short pieces of neoprene hose between the lines and the pump will further reduce drone.....
http://www.malloryperformance.com/P...jID=570&minID=5703&selection=6&minselection=2
And this fuel filter between the cell and the pump....
http://www.malloryperformance.com/P...jID=220&minID=2204&selection=0&minselection=2
Then I'd use this log/regulator on the Holley to modulate fuel pressure to 5 psi....No modern 4-bbl needs more than 5 psi pressure. More pressure will not make more hp. On the contrary, it will only make tuning problems for you when the excess pressure over-rides the needle and seat and floods the motor with raw fuel. You need VOLUME, not PRESSURE. That's why we're using 1/2" lines.
http://www.malloryperformance.com/P...jID=220&minID=2206&selection=0&minselection=4
I'd convert the Holley to E85....
http://www.chevyhiperformance.com/techarticles/0808chp_holley_750_e85_conversion_kit/index.html
Mount a roll-over valve such as this on the vent line coming out of the cell and run a line from the valve to outside the car...
http://performanceparts.com/part.php?partID=56937
I'd use only brass connectors on the lines.....compression fittings, no teflon paste, tape or chemical goop....and live happily ever after.
This won't be cheap, but neither will fraggin' that high-buck motor from mis-mixing of gasoline fuels and not being able to hear detonation.