I wouldn't suggest adding new mods (other than maybe a tuner) until you get your current setup to work without problems, and you know everything else is working properly.
E85 is a fuel mixture of 85% ethanol (alcohol) and 15% gasoline. I run it almost exclusivley in my truck. It's typically cheaper than regular unleaded, and at about 103-106 octane can give a small boost in performance. It's also GREAT at cleaning the fuel system out, because of the alcohol. The primary drawbacks are lack of availability, and a drop in fuel mileage (which usually offsets the price difference). Because Ethanol is made from an organic base (typically corn, but cane sugar waste seems to be a better long term option) it is readily available here in the corn belt. You may have more difficulty finding it.
To tell if your truck's flexfuel, there are many subtle signs. Most have a sticker on the inside of the gas door that says you can use e85. Many of the older trucks have a small leaf badge on the tailgate but I'm not sure about the newer ones, and the most definite way to determine if your truck is flex fuel, is to look @ the VIN. If the eighth digit is U, then it's not flex. If it's a V, then you are the proud owner of a flex fuel ranger.