Not sure about pure ethanol, but, there is a lot of talk on the turbo site talking about modding to use E85, more readily accessible. They are looking at the higher Octane (100+) and higher effectivey CRs they can run using it (more boost!). Lots of discussions on problems pushing alcohol through CIS systems and other good topics. Biggest hangup is the need for more volume (40% more) for equivilant AFR...see link below.
http://forums.pelicanparts.com/showthread.php?t=390339&highlight=E85+Turbo