Welcome to the RP forums my man!
M3 E92 as a starter? Even in that condition it's quite a lucky find!
It would be awesome as both daily ride and track toy. As for the engine, you might want to stick to the standard V8 engine if it's not too tired for the job, but feel free to LS swap it if you could. LS engines are relatively easy to source after all
I have a great feeling your RP is going to be a solid and interesting one to be enjoyed.
In my opinion it's quite well-written
Mitsubshi Lancer Evolution III GSR 'Silver Queen' - Main Daily, Real Tuning/Street class TA car
Nissan Silvia S15 Spec-S (RB26 swap) - Second/Open/possibly Turbo class TA car (WIP)
Nissan Skyline GT Sedan HR34 - Spare Daily #1, grassroot drifter
Daewoo Tico (D16 VTEC swap planned)- Kanjo car (WIP)
Mercedes Sprinter - Parts and trailer van (mainly for S15)
Chevy Silverado CK1500 (LS7 swap) - Spare parts truck, hobby drag car, gift from Side to Side crew
Nissan 240SX MS13 Convertible 'Kaede' - Spare Daily #2, kyusha car
Toyota Mark II JZX110 'Meme Machine' - Missile drift car, currently broken, will be fixed
Ford Mustang Foxbody Hatchback 2.3 (Ford Modular 4.6 swap) - No purpose at the moment, FOR SALE OVER HERE! CLICK ME HARD!
Yes, I own too many cars, thanks for asking. All offers on cars for sale via PM unless announced later