Sooo, I drank the cool aid and bought an E30. it's an 84 318i, two tone rust and grey with botched front fender replacement. Paid 650 for it. I am yet to really dig into it, but the rust seems mostly superficial.
Original CL ad: http://detroit.craigslist.org/okl/cto/2666986394.html
I was thinking about doing a challenge build on the way to a track toy / weekend cruiser. I would love any suggestions on the build: Engine sawp/Forced Induction/ Suspension options?
What does the hive-mind say?
copy the condor speed shop car and you'll be happy.
Definitely an inspiring build, Love the video! Thanks!
leave the motor. freshen and improve the suspension. drive the wheels off.
Sounds like a garage queen ;)
As stated an E30 is more than happy to dance once all of the suspension in gone through. Front ball joints (replace whole control arms) and control arm bushings go often as well as rear shock mounts, trailing arm bushings, and sub frame bushings (fun to replace). From there find a nice set of springs and shocks and a decent set of tires and you'll be dancing through cones as fast as you are able.
She needs some rust repair and paint. Don't wait, I've found rust rarely repairs itself.
Not sure on the M10 but the M20 is plenty fun when paired with the limited slip 3:73 or better yet 4:10 rear end. The small case one should be fine for what you want but the big case (like in the M3) is stronger.
The M10 is anemic at best, but even the 10 mile drive bringing it home was more fun than my ~200 hp turbo Protege! I have no idea about body work though, so rust repair might be experimental at best 
Refreshing the motor and suspension is a nice Idea, I planned this as multi-year project anyway so I might just do that for now and plan the engine swap later.
Thanks for all the Input, and keep it coming! 
M10 + boost = damn . . .
