As crazy as it sounds, there are drivers of older cars like yours, using E85 with acceptable results. Except during extended full throttle operation, where it runs too lean. Even so, no engine damage results in non turbocharged, lightly loaded engines.
If I were to guess, the E34 would run acceptably in your car, and return about 10% lower fuel economy. Put another way, the ethanol contains roughly 33% less energy than conventional gasoline. So the MPG loss is somewhat proportional to the amount of ethanol.
A 34% concentration of ethanol equals a 10% reduction in energy. So, I'd expect your MPG to go from (for example) 17.5 to about 15.5. But since you save 40 to 50 cents per gallon (about 20+ %) you may come out ahead.
Your car won't have any fuel lines incapable of dealing with ethanol. It's already in our fuel. The concentration does not matter much with regard to rubber degradation.