Aren't we already running off "ethanol" already. Just grab a sharpie and black out the "M" in methanol on a gallon of glow fuel and you're all set.
I don't know if you can ignite ethanol off a glow plug but I'll give that a shot first. Ethanol is just a cheaper less powerful version than methanol shouldn't be too hard.
I would change my fuel lines though. With e85 you'll still have that 15% of gasoline which could easily make your glow lines swell up.
Also I think you'll see a noticeable diffrence in power with ethanol. Ethanol has less btus or whatever than methanol.