Beerman,
In general, I think it's a good idea; anything to get away from dependence on foreign oil (or just petroleum products, for that matter), but as of right now, there are not that many E85 dealers around the U.S. IMHO, any conversion kit you would buy today would have to be capable of switching from E85 to regular gasoline and back easily. Like a switch on the dash. Ideally, it would be able to use a mix of E85 and gasoline, as we seldom ever drain our tanks completely and they may have 1/4 or even 1/2 a tankful left in them when we fill 'er up. Also, considering that E85 has only about 70% the energy content of gasoline, you will use significantly more of it to get from point A to point B. How long is the payback period? There are too many variables to come up with a reasonable number of months/years or miles driven.