Possible E85 modification/conversion?

With the price of gasoline creeping upwards and my new 1973 240Z slowly coming apart for a complete refreshing/updating, I had the wild thought last night of converting my fuel and induction system to run on E85, that is, motor fuel formulated with 85% ethanol.

I'd rather not debate the pros and cons of ethanol here. I know that there are a lot of opinions out there, but the fact remains that we have a pretty high number of stations here in the upper Midwest that sell this fuel, and their numbers are increasing every day. Plus it is cheap - anywhere from $.50 to $.80 cheaper than regular unleaded.

Have any of you guys ever heard of doing this? It seems that an old, carb'd Z car would be an optimal one to use. The fuel and induction system is relatively simple with no computers controlling anything. It seems to me that a conversion would be a matter of changing things like carb jets, fuel piping, metering, and so on.

I have done some internet research, but any opinions and/or knowledge would be great.

Luke