That motor could be run either way but you would have to change fuel setup because alch. takes like twice as as much fuel to run it. alch. runs cooler but needs twice as much to use it but there not a way (that I know of) you can run both setups without changing a good bit of your setup
If you are planning on running a carb setup, you will not be able to do it; the jetting is way bigger for alcohol.
If you are planning on running fuel injection, you are going to re-run everything and make sure that it is all alcohol compatible...alcohol is pretty evil stuff and likes to destroy, corode and gum up everything. Also, you are going to need fat enough injectors to handle the alcohol content without upping your fuel pressures to an insane amount. You will also need to have a programable fuel injection system that can switch between an alcohol program and a gas program. The final thing that you may have to adjust is the ignition timing alcohol likes to be further advanced - like racing fuel; the alcohol will run ok at 10-15deg.
My final question to you is: Are you planning on driving this around on the street or track only car?
-what ever your plans are be aware that you can not see alcohol burning, you feel it burning and by then it's too late. Wear a nomex suite.