e85 on the street??

hey guys. in the process of building my new motor. a 426ci w2 headed sbm. and now there is 2 or 3 gas stations near my house that have e85. my question is how much compression can i run with e85??. i was planning on runnin 9.5:1 with the iron w2 and pump 93. but with e85 can i run higher compression like 12-13:1???. also i know i have to build the fuel system for e85 but thats no problom as im replacing it anyway. one more question is can i just run an alchohol carb???? or is there some special carburator i have to run for the e85?? thanks in advance guys!!! oh yeah, iv heard e85 makes more hp is this true??. hoping to run 11 o's to mid 10s with a street car. 67 notch cuda.