This is definitely a sticky subject. The increased volume of fuel required would mandate, at minimum, the capability to tune FI, and in most cases larger injectors. Most carburetors should be able to re-jet for it. Another disadvantage over pump gas is the amount of energy per mass of ethonal vs. pump gas. Here is a good comparison: Ethanol Properties
The reason you can use E85 in most modern cars is that they have compensation tables based on calculated ethanol percentage. Some of the oem's (Ford in particular) have been supporting Ethanol for a while.
Is it worth perusing, yes I think it is, the image of racing is important. Will it be feasible for all club members racing, not sure. I will be giving it a try once I can tune just to play with it.
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