But your wideband is still going to read 14.7 no matter what fuel you're using. It doesn't know or care what ethanol percentage you use. It only reads air.
At least this is how it has been explained to me for years. Many, many years.
edit:// I should say add that this is the case with the NGK widebands i've been using for ever. I confirmed this with an NGK rep. I suppose other systems will function differently.
double edit:// Well, perhaps I've been fed wrong info for many many years lol. I never blew anything up at 12.5:1 on e85, and made a ton of power. Interesting.