Why would it be a bad idea?
The link Peter posted expressed my reservations quite well. particularly for a car that may not get used every day in the wet months.....
"pure ethanol is hygroscopic; it attracts water, to the point that it will pull it out of the air. Ethanol and gasoline will mix, but ethanol, gasoline and water will not; the ethanol-water mixture will come out of solution and settle on the bottom of your tank. Add a little oxygen to the mix, and you get rust. However, the more common side effect of this is more immediate; turn the car on, and the fuel pump will draw the water from the bottom of the tank into the engine, where it will promptly kill it, and require a costly dry-out process."
