Yep, E85 is about 108 octane and actually out-performs 110-octane race-gas I get at Sears Point raceway down the street. Most likely due to the cooler running to avoid detonation. Yeah, on NA engine, you have to tune to get extra power such increasing compression and advancing timing. Using in stock Ninja 250, won't get much gains.
I can actually run 13.0:1 compression on 100-bore NA engine with E85. Or 25psi with boost.