Well from my understanding, (limited it may be) there is no real reason it couldn’t be done (as far and manufacturers go) As mentioned the fuel system and lines o-rings and such would have to be able to withstand it, that’s probably the biggest issue for most cars/trucks. The other is going to be consumption and jetting, you’ll use a lot more fuel to get the same preformance, the high octane would also allow for my timing, assuming you could get enough fuel.
Realistically converting a motor to e85, is probably going to be pretty tough, assuming you could change the fuel lines and such to something that would work with the e85, you’d have to find a way to get more gas into the motor, I’m fairly certain a fuel injected motor wouldn’t be able to keep up with the increased need (injector wise, I just doubt it), a carbed motor maybe able to with some rejetting, maybe a bigger carb. Probably not worth the effort or saving.
There is also an issue with the e85, ability to absorb water, not sure that’s a real good thing in a boat…