won't corrode steel lines any faster than allowing normal petrol to dry out inside a steel line with a low-oxygen environment.
is not an aggressively hygroscopic and reactive fluid like pure methanol (which will attack soft lines) - your old soft rubber hoses are more likely to fail or go brittle from lack of use and allowing fuel to dry out in them.
Running E85 might push you towards changing rubber lines to current efi-safe hose.
no idea about power - but my GT4 has ingested all kinds of E-fuel (except E85) without major harm (it's noticeably down on power for the lower-spec fuels)
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