All alcohols are not created equal! Methanol is what eats rubber lines and carb parts. This guy has been running ETHANOL (The "E" in E85.) with his Holley carb for several years...no problems. I guess our "modern" fuel systems are designed with alcohol as fuel, in mind.
I got his email response today. He runs almost 11/1 compression (Says that's about as much as you can run on the street with iron heads.) and has the timing set at about 18 degrees BTDC.
For those that say it can't be done (making similar power and similar or better economy), sorry, until you have a car that has been running it for several years (or your are a fuel system engineer) that opinion is just that, an opinion. It's not my car though. I'm not here to start an arguement.