I dunno about a V10 conversion, but I've done 2 on 1960s Barracudas (small blocks) & they run like MoFos.  There are things you must
respect when doing this, however: 

         1)  NEVER let a tank w/ a high pctg of Ethanol sit without being run.  If you have to let it sit for more than 2=3 months,
              put in a decent amount of Sta-Bil.
         2)  Get totally familiar w/ your fuel system.  In the Carb cars (like the B/Cudas), this is probably more critical because the carbs & timing
              must be tweaked.  However, on newer (mainly 2001-up) vehicles, you really don't need to do anything because the ECU compensates.
             I suspect that the 1990s ECUs can figure out how to burn E85 as well.  And, there is likely a good aftermarket for ECU/ fuel delivery.
          
I also run a mix of E85 -to- E37 in my 2001 Ford Sport Trac.  I've done it for 3 yrs  & it runs the same.  However, my MPG is lower by abt 15% when I go straight E85.  When I take it down to E37-to-E60, I get about the same w/ the same performance.

Again, I haven't done E85 on my Ram V10 because I just signed the Bill of Sale today.  However, I will definitely be experimenting because I feel the same as you:  I'd Rather Pay Farmers than Oil Barons (esp those in the Mid-East).  I never understand why people dump on Ethanol, which is homegrown & AMERICAN (OK, Brazil also makes a lot of Ethanol, but their women at least 'shake that thang' instead of forcing them to wear Burkas!).  All the people who dump on Ethanol are just playing politics & not thinking about the fact that Ethanol creates wealth & is a better Strategic fuel for the USA.  Ethanol is the true Libertarian fuel.

Not to mention that Ethanol burns a WHOLE lot cleaner - I love stompin' on the pedal in my B/Cudas & not seeing a big cloud of smoke.  I also love to correct all the Prius-types.  Not to mention all the Coal-burnin' Chevy Volts about to come on-line.

Anyway, I digress.  Let me know what you come up with, I'll share what I come up with, as well.