Don't waste time with E85...go right to methanol.
Porting, compression increase, timing increase.
Then...you'll have to modify the chassis/suspension to take advantage of the power, then you'll have to modify the clutch and transmission to be able to shift with all that power.
It's an expensive road you're heading down.
If you're just going to be an occasional/play drag racer, get some good pipes, 35mm carbs, a dune port, 4 or 6 over swingarm and a FAST clutch to hold the power.