The block and head in my 65 are a 1980. I stayed conservitive on the timing, think I went from stock 8 to 12. I am still using all the 65 external parts, carb, manifolds, distributer etc. Plugs are harder to read with ethanol. I would start bumping the timing 2 degrees drive it a while and look at plugs then maybe try 2 more degrees.

The engine will run fine at stock settings but fuel mpg will go down some and it will not be optomized. E85 likes compression in the neighborhood of 11:1 or higher.

 

If everybody is concerned about jetting a carb to run on E85(alcohol), why not just buy methanol(alcohol) by the drum. A whole lot cheaper. About a buck 50 a gallon.

 

Here is an excellent article on E-85 conversions.

http://www.e85fuel.com/e85101/faqs/conversion.php