The problem with running E85 is that it's in the middle of gas, and alky. Alky gives you a power advantage of 1.2 x gas. E85 is about 1.1 x gas, but require you to run 1.5 more fuel than gas, and alky is a 2.0 ratio.
That carb is a alky carb so it will be slightly rich on E85, but you should be able to lean it out a bit to have it run correctly.