If your Toyota is rated as a Flex Fuel engine, then you can run ethanol up to 85% in it. The engine is not designed to take advantage of the characteristics of the alcohol fuel though. It's basically a gasoline engine that via the PCM mapping allows you to run it. But it does not take advantage of the fuel like the newer GM engines. To take advantage of ethanol, you must pump up more compression. Frankly, an engine with 14-15 :1 compression would be close to ideal for ethanol only fuel. The new GM engines are minimum 11:1 with some at 11.5:1.
Kinda reminds me of my old racing days. I had a friend that got into tractor pulling. He built one with a 570 cu in Rotax engine running 16:1 with Hilborn injection. Obviously headers, cam, etc. We were turning 80+ mph tire speeds with it. I remember vividly not thinking one day when I started the thing in the garage with the front doors open. At an idle, the engine probably spits more alcohol out of the headers than it burns. It didn't take long and I couldn't see anything. My eyes were on fire. I did manage to find the kill switch and made it out. He never let me forget that to this day.