Absolutely! Ethanols thermal heat of latency (ability to remove heat) is 3X greater than that of gasoline. It will run much cooler, netting power, and its resistance to pre-det is insane.
Lets put it this way. My buddies supra has an E85 tune and a 91 octane tune. He makes 650whp on his E tune and only 500 on his 91.
You will pick up a good 20whp out of that kit and it will be much safer. You will however need bigger injectors and a 340lph pump.
And the smell of burnt E85 is like rum. Delicious.