Hi,
I'm not sure "negative" should be the tone for E-85. It is just different. We are so used to conventional gasoline and its effects, that we see anything different as "bad".

There are several local ethanol plants that make hundreds of millions of gallons annually. E-85 has some advantages and some disadvantages. Fuel economy will go down about 20%. But the octane rating is very high. It doesnt pollute the atmosphere, but your crankcase will really notice a difference. Synthetic oil is recommeded, and oil changes should be about 7500 miles. Jetting might change a bit, but not much. Compression isnt much of a factor either - a mildly hopped up 6 is fine. Older carbs do not like it much, but modern computer controlled engines can use it at about 50% or 60% blend with no problem if it is done gradually. the oxygen sensors have to get little doses at a time until the recognize the alcohol as "OK". John is right - don't even get started with the politics of the stuff.
In short E-85 will work fine in a 235, but there are some changes you have to concede. And it might not be any more economical by the time you factor the service and the mileage. I'm still going to do it in my '56 this summer

Tom
I.I. #1475