Nice choice Adam I still have my 95 E36 3.0 M3 which I used on the last forum track day doing 90 miles on track and drove her there and back cheap as chips fun.
A colleague who works with my dad purchased a red 3.0 last year and is gradually adding bits here and there for track use; i had never experienced an E36 before and it blew me away how quick it was, still feels very very rapid.
I was all for an M3 until i went in a 328 on Friday at Anglesey, usual modifications but what transformed the car the final drive was shorter so the car's top speed was 130, 3rd topped at 80 whereas the M3 tops out in 3rd at 110 ? For how much a 328 would cost to build to my ideal specification (see below) a decent M3 is from 4k and i could build a 328 for around 5.5k.
M3 evo LSD
Coilovers incl' drop links, bushes etc.... (probably HSD Coilovers)
E46 Compact steering rack
Exhaust
Induction
M50 Manifold
Seats + Harness
Cage
Steering wheel
M3 Cab X brace
M3 Evo calipers and discs
Upgraded pads + fluid
M3 Staggered or Team Dynamics 1.2 Alloys + Tyres