When comparing E-85 to other fuels you must remember that the "85" in the name doesn't indicate octane. It indicates its 85% ethanol. Here in Europe E85 is about 104 octane (this is 100 octane in USA octane rating).I just saw an episode on "Engine Masters" where they used a built LS engine with 10:1 compression and tested the power differences that result from 87, 91, California gasoline ( can have up to 10% ethanol), 100, 116 octane leaded race gas and E-85.
Another thing to consider is that if the LS-engine was fuel injected it most likely can automatically take advantage of the high octane figures. Ie. advance timing further than with lower octane fuels. If its carburated then it must be tuned to each fuel. So it would seem like the fuel "gives" more power but it infact just allows more radical tuning, which can produce more power.
And lead in gas does not give any performance advantage. Its there just to protect valve seats. I use lead additive in my big block Chevy which has old heads without hardened seats.
E85 is very popular in Europe with high boost turbo cars due its high octane (104 octane is higher than any pump gas you can buy).