Well, if you want to set it up as an e85 only car, it wouldn't be bad.
You will want to get ethonal-safe fuel lines, fuel pump, gas tank, injectors, and, head.
The rangers made in MN where flex-fuel viechles, they have stainless-tipped injectors, I am not sure of the duty cycle...
Teflon coated or stainless fuel lines, you should be able ot buy the fuel line from summit in a coil or something.
Gas tank..the plastic one would not be good to use, you would need to line it with something, this would prob be the biggest pain right here...
Head...it may survive e85.
Tune, you will want to get a tune for e85, it will take a bit more fuel then gas, but, with a good tune, you will also make more power since it has a higher octane rating that would be safer for higher compression or more timing.
It will also smell like cheap liquor when you pass someone. At about 60 cents less then regular, and, premium being abohter 30-50 cents, there could be a savings in the long run, especially if you bought the parts second hand.
The biggest hurdle would be the gas tank. The pump, injectors, and, possibly the fuel lines could be used from a flex fuel ranger or taurus.