If you are running high levels of boost on a dedicated racecar, yes. You can raise the compression ratio and crank up the boost to levels that are very difficult to do running gasoline.
If you want to drive on the street, forget it. You'll get about 6 MPG and without the ultra high compression and high boost, you can get better power on gasoline.
On top of that, the fuel system must be redesigned and replumbed to resist the effects of E85. It dissolves seals and corrodes parts that are not designed to work with E85. You need larger fuel lines and fuel pumps and pressure regulator because the engine consumes almost twice as much E85 compared to gasoline to get the proper air/fuel ratio.( approximately 9.7:1)