E85 will reduce your power output when compared to gas. the reason for that on your typical car is that the comprssion is not high enough to take advantage of E85s properties (directed at AIrcraftMech) so your buddy with the titan is right. E85=less power and worse milage on a engine optimised for gas.
to convert the fuel system you will need.
fuel pump
Stainless Steel Fuel Lines
injector O-rings rated for E85
FPR rated for E85 and one that will pass a higher volume than stock
larger injectors that are rated for E85
tweecer to tune
turbo or S/C +related parts or new pistons
1slickred89 converted his turbo ATX car to run on E85 and had good results. I had planned to do that to my turbo ATX as well but the fuel is still not avaliable in my area
the good:
cooler intake temp
lower EGT
reduced detonation
the bad:
increased fuel consumption (richer AFR)
if you stay N/A you will be disapointed
you will not be saving money
Since alchohol naturally draws moisture out of the atmosphere every thing that comes in contact outside of the engine block has to be stainless steel. Then all of the rubber has to be replaced with rubber hose made for alchohol. It would be a ton of work but worth it in the end. Since alchohols BTU is far less that gasoline you would need much more of it to get the proper air-fuel ration in turn reducing the mileage you vehicle will be able to travel. The plusses will be a motor that WILL last longer and run better.

