I am currently running headers, intake, 60lbs injectors, 3.2 @ 21* of timing with 0KR. E85 is the best thing in the world if you can get your hands on it.
Pros: Its ethanol and it works on the same premise of putting rubbing alcohol on your hand and blowing on it. (It gets really cold due to the highish flashover). It cools the cylinder walls as it enters removing KR due to high temps. I have been running E85 for a year now and I will never go back to normal gas.
Cons: As said before, you do lose 30% fuel economy. Also if you live in a cold climate. very cold weather can sometimes cause really hard starts. It was -7 here (-35 after windchill) and I had to crank it three times and let it sit for a good while before driving away. The reason being ethanol does not vaporize at that cold of a temp. So the engine has to ignite the 15-30% gas to warm the cylinders so allow the ethanol to vaporize and explode. It really isnt a massive issue, just have to crank a few times.
What do you need to run E85? 60Lbs injectors for starters due to the 30% more fuel. Headers due to the 30% more fuel. A tuner. I tuned mine my self with HP tuners, If you plan on switching I greatly recommend on learning your self. Makes life much easier when you switch pulleys or something. You will also need a Wideband. DO NOT GO WITH OUT THIS YOU WILL BREAK LOTS OF THINGS WITH OUT IT.