E85 and Methanol have their own Plus and minus. Methanol does make more power than Even pure Ethanol period. That's why it's used in racing for years like top alcohol classes.
Its also able to remove more heat out of the air than ethanol is and has a lower flash point. You can read up on methanol information here i will post up more info on ethanol later today.
Ethanol is just as corrosive as methanol just attacks different things. Ethanol tends to dries out natural rubber and attacks some plastics, but tends to not have issues with most metals. Methanol tends to eat at alum which is pretty common but does not affect most rubbers and plastics.

But there is more plus and minus to each one. I will right up something to better explain.