E-85 will work assuming your injectors have enough headroom to give the correct air/fuel ratio. You can't just dump in e85 without retuning your ecu, and you can't just switch between the fuels (without a bunch of extra work).
Marko is correct in that it will scour every bit of crud out of your fuel system and can attack some rubber/plastic parts. In the case of a low compression, normally aspirated engine like an sv, it doesn't make any sense to go to the trouble of switching over to me.