Any Power gains that are made with etahnol engines will be due to the higher octane allowing more ignition advance. Thinking of adding it to an engine thats not mapped for it won't make any gains.
Ethanol contains Oxygen (Carbohydrate based) rather than gasoline which is hydrocarbon, it also needs more to maintain a stoichiometric mixture. An engine on E85 need a air:fuel mixture of around 9:1 rather than 14.5:1 when using 100% Gasoline. So you need approx 50% more.
For specific fuel energy content: Ethanol is around 32MJ/kg vs 45-46MJ/kg of gasoline, hence you get about 50% less power out of the same amount of fuel, thus the reduction in fuel economy, as well as requirements for bigger capacity fueling systems.
So in balance, you get the same power (slightly more due to octane allowing more ignition) whilst using similar quantities of fuel. Engine hardware will need changing when going to higher levels of Ethanol as it starts to cause issues with seals and also valve seats.
Most OEMs only recommend a maxiumum of 10% Ethanol in normal gasoline. Most European 95RON unleaded fuels are around 5%. The major's super unleaded fuels are all 'proper' gasoline, Tesco being the exception whos supplier just uses the Ethanol as an octane booster.