This means there is a gap in my project life

so I have been looking into other options on the cheap.....
What I have come up with is the following and I would like your opinions and any other ideas you might have for the same sort of thing but different.
Get a BMW E36/46 316 compact and shoehorn in the M52B28 2.8l engine from the sportier models.
I would be using an M3 gearbox and weld the diff on a 3.92 ratio rear box. It would also get the intake from the 2.5l engine to open the top end up.
what that would give me is 200hp 215ft/lb with a fast accelleration differential in a car weighing 1200kg before I start to strip it out. So I'm looking at 5.5 to 60 and a very light rear end.
All of this can be done for under £1500. I saw a finished conversion sell for £620 on the bay......
Am I mad or does this sound like the kind of motor you could get into lots of trouble with? I dont care about it being ugly, I will probs ratlook it anyway overtime (as I bash it into lamp posts/kerbs etc) I am just interested in lots of torque and lots of drifting.
thoughts? japan dont offer anything close so I have had to look elsewhere...
