Earlier quoted context omitted.
"Race gas" is commonly understood to refer to octane number. E85 is 94-96 octane, according to wikipedia, which enables you to run higher compression or higher boost. The fact that it has lower energy density just means you burn more of it, so your tank runs out faster. It has nothing to do with the power you can get out of the engine.
If E85 has ~40% less energy in it per volume/weight, then you'd need to be pushing ~40% MORE fuel in the same timeframe to break even on power, right? So you'd need the octane jump from 91/93 to to 94-96 to allow you to run enough extra boost to burn 40% more fuel per cycle. Assuming your turbo/supercharger can deliver 40% more pressure without a big drop in efficiency. And you need your fuel injectors and fuel pump…
Timing out the injectors is an issue if they are marginally sized, and the ECU can throw a fit because it thinks the injector timing can't possibly be as off as the lambda sensor tells it.
On my old VW Passat, you could program an offset into the ECU to account for the latter problem. I test-ran it on up to about E85 without any other changes, and got noticeably less knock retard until the injector time saturated somewhere around E60.