All my experience is coming from fuel injection land, so I don't have a great handle on how this all plays with a carb'd engine but...
E10 (10% ethanol) is used "all over the place" these days for various reasons. BUT 93 octane E10 fuel will pretty much have the same octane as 93 octane E0 fuel (The ethanol replaces some of the "other" octane boosting additives). For the same amount of fuel (i.e. same jetting setup, etc.) E10 will run about 3-4% leaner than E0. Since most folks have their older cars setup a bit rich, this tends to burn a little cleaner, make the world a better place, yadda yadda yadda. I imagine a carb'd engine would run a little crappier in cool weather with E10 unless you re-jet for it, but most folks probably won't notice the difference. For fuel injected cars, they'll just adapt to the E10 fuel and everything will run the same (or at least, it should).
Various states have proposed going to E20 (20% ethanol) in the future (2012?) This gets everyone who likes renewable energy all excited, but it means all vehicles will run ~6-9% leaner. For a well-tuned carb'd engine, you're going to start noticing this (ironically, the folks with the super-rich jetting won't have any drive issues -- you penalize the folks with the well-tuned cars). Fuel injection can still adapt this out, but it starts getting really hairy when it comes to meeting emissions and diagnostics.
FFV (flex-fuel vehicles) are set up to run anything from E0 (0% ethanol) to E85 (85% ethanol). "almost" every manufacturer that does this uses a sensor in the fuel tank to detect the ethanol percentage and automatically re-tune the engine for whatever you've filled up with. On a carb'd engine, you don't really have that option....
Anyhew, as long as you're going to be pretty consistent with what fuel mix you're running, the added E85 will boost your octane and make the engine happier

. If you keep messing around with the fuel mix though, you're gonna have a heck of a time getting the jetting right since you'll have a moving target. I'd probably just set it up to run straight E85 and keep a distributor wrench around "just in case" you need to back the timing off and run some 93 pump.