Ok I just want to say I agree with using a LS2 Engine but in case you can't find the deal your looking for here is some food for thought. Cadillac has some good performance parts too and with aluminum heads and intake they weigh only as much as a small chevy.
I think that this is going to be great, but FIY the E36 M3 puts 220hp to the wheels on a Mustang dyno, and the E46 puts 275 RWHP, and the E46 weighs 200 ish lbs more, I usually see both of them running pretty much neck and neck with similar drivers in each car, so your competition is 220RWHP and 3100 lbs, basically really similar to a base c5 vette, with 50/50 weight distribution, the LS engine will help you alot more than you think in the weight department, also remember that the M3 has aluminum control arms and a independant rear so you have your work cut out for you. But I think that you can do it.
Brian Hobaugh SCCA National Tour June 2014
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