I live in Iowa in the Summer... "THE Ethanol & E-85 Capital of the WORLD!"
#1. Loss of mileage and efficiency levels varies depending on how your engine is designed. My understanding is that the average engine loses more like 20-25% in fuel mileage.
#2. The real percentage of ethanol in the fuel MAY NOT BE 85%, but can be considerably less, down to the 50% range when outside temperatures require it to be less, so that your vehicle will start when using it.
So.. under ideal conditions, it might improve your horsepower and performance, much like a W/M system, but the potential gains are unreliable.
#3. Consequently, do you want to take a chance on running a fuel that is NOT recommended by Ford.
#4. Since our EB engines aren't designed to compensate for the HUGE variation in Ethanol levels, that running E-85 will bring, you are likely taking a much bigger risk, than those who only do a basic tune package.
Good Luck! And let us know how it works out.