A boat dealer, he repairs outboards motors etc, up by Tionesta (on 62 on the Tionesta side of Hunter bridge) told a friend of mine to do this.
Get a clear container that holds over 5.5 gals of liquid, put a valve on it that can easily be opened and closed. Add 5 gallons of high octane gas, then take .5 gal of water (any 10 to 1 ratio will work)and add food coloring (green or red) pour the water mix into the gas and shake it up. Turn the container upside down so the valve is on the bottom. Wait about 20 minutes or so and the liquids will seperate, you can see the "water" because of the food coloring and the gas rises to the top. Drain off the water and you will have about 4.5 or gallons of "pure" gas as the ethanol stays with the water.
My friend has been doing it for about a year, he cuts his own firewood, has a couple mowers and several outboards and has never had a problem since he started doing this trick.
He made a rig to hang up the container so he can see the "line" between the gas and water and says he loses very little gas, as for the food coloring, he says it doesn't take much and red's or greens are the easiest to see.