What will happen if I run it in my 1600? The engine is a high comp L18 so I'm sure it will love it but I'm more worried about the 40 yr old fuel rubbers and I don't want to damage my weber carbs. Is it going to damage anything if I try it once or will it be alright?
I'm not sure on the compression ratio but it's running flat tops with an a87 head and a 25/65 cam and the cranking pressure is 195psi and it runs great on 98 but it starts too ping on 95. I am aware that I will need bigger main jets if I want too try it.
I'd be worried about still having 40 year old fuel lines regardless of what fuel I'm using. It is recommended to run a modern fuel hose, most are compatible these days to suit E85, but it's still worth checking to make sure. As mentioned it is really only damaging when it is sitting for a while, if you are constantly using your car then it shouldn't be an issue, just don't let the fuel sit for a while, even just draining the tank and using some 98 to run through the system flushing the E85 out is sufficient enough to leave it sitting without fear of corrosion/eating the rubbers.
Going to the effort of converting to E85 for an N/A setup isn't worth it unless you have a specifically built engine, not only can you run a much higher compression, but timing can be advanced further too, aiding in torque, a wideband sensor is definitely recommended (as is with any modified engine)
In your case, I'd just stick with how it is, run a wideband setup and tune the twin webers to perfection