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I think most high compression race cars run high octane gasoline rather than ethanol because it has more energy density. I don't know how much energy density is lost to the octane boosters used but I would bet it's still more potent than E85.
I spend a lot of time on LS1tech, LS1 being the engine used in late model F-bodies and 5th generation Corvettes. I have seen a handful of turbocharged and supercharged LS1s running on E85, it seems to work very well in this application. Forced induction creates similar octane demands to increased compression of course. Plus E85 is MUCH cheaper than race gas.
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