I dont think it's fair to call the m10 powered e30s 'bottom of the barrel.'
I love that mill. It's great. I don't know why I love it. It seems to move the car incredibly well. And if you like to tinker, word on the street is they take a lot of boost. The 318i is much lighter than it's i6 older brother. Those motors are insane with a turbo slapped on it, though. (The m20 I believe)
I personally would like to see an m10 with a proper standalone, some fancy tuning, a well selected supercharger, and a well engineered exhaust system.
Of course a cheaper and faster way to go is "LS1!" I don't think it's possible to beat that.
2002s do look really cool though.
I may be biased, considering that I am in a co-dependent relationship with my 85 318i sedan.