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The gas will burn OK. The problems arise when any rubber parts of the fuel system are not alcohol resistant. This can affect the fuel pump, the flexible line at the firewall, and any non-nitrile parts in the carb. Some have rubber tipped needles. As you can't tell which is fuel-proof by just looking, and there is no history of refitting for alcohol gas, you can either install new parts, or drive it until trouble shows up. In some cases, crud in the fuel tank is loosened, but the installation of an in-line filter in the gas line will catch that. Otherwise, you will likely see no difference in fuel. Have fun with your '47!
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