I would think a blender pump would have to rate various blends at different octane levels, since ethanol has a higher octane rating. For lower blends, I doubt an octane correction is feasible, as the stations would have to stock that as well as two tanks.
I've never heard of a blender pump until this thread. It would rock for my track racer, I need high octane, and I could tune it for a specific ethanol blend. E50+ here I come.