Last year I bought a 1995 325iS, it was an automatic and I worked over the spring to convert it to a 5spd. This went well enough except the
3rd gear synchro on the used transmission (ebay) is pretty much toast. The car is still very driveable once you get the hang of
double-clutching down into 3rd. I am still using the diff from the auto setup, which is a much higher ratio than the 325 and M3 standard
setups. This is OK, although first gear is only useful for starting on a hill, and cruising on the highway in 5th gear the rpms are up at 4k @
120km/h and 4500 @140km/h (indicated.. actually slower). Some other things that I have done with it so far include installing an ACT
lightweight flywheel, Sachs suspension, "Swabarian" anti-roll, and a set of ASA AR-2 rims w/Falken wheels. I've got some cross drilled Wagner
rotors and Pagid pads to ready to install as well, when I find the time!
Below is my car (2008/10/08) outside the shop:

It is in alright shape, with about 206k on
it. One thing that stands out are the
dents in the hood; caused by the old
mechanical fan bursting shortly after I
bought the car. I managed to install an
electric SPAL fan and controller in it's
place, with the addition of a custom
fiberglass shroud. I am happy to point
out that I have had no cooling problems
at all with this set up all summer. I will go
into more detail about this design once
the build is underway and I need to figure
out how it will fit with the intercooler. Of
course, If you are interested please email
and I will tell you all about it.
kyle( at ) vrspeed (dot) com
There are also a FEW rust spots, which I
am hoping to address with thorough body
work and new paint in the spring.
Someone also pointed out once that the
side skirts are on backwards... I don't
really care, they look alright to me :)