Does Iowa have ethanol... LOL!! Iowa is the #1 state in produce enthanol. Sorry, found that funny.
But to run E85, you need what is called a Flex Fuel Vehicle (FFV). Ford does make them, I think mostly tarus' and rangers. Ethanol burns a lot hotter and its dryer than regular gasoline, and it's a lot less fuel efficicent(e85). But it's a lot cheaper, so it might break even.
Here's a link with some general information, don't know if it'll help you much, but it's some interesting reading.
http://www.iowacorn.org/ethanol/ethanol_10.html