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Depends if you wanted an s50 (e36 m3) or s54 (e46 m3) engined car. The latter would be quite a bit more expensive. Munich legends had a few when I was there, I think in the region of £60k. That's not far off M3 CSL money.
If you are buying a car to drive, and don't want to worry about putting miles up on an appreciating classic, I'd look at the z4 3.0si coupe. Or z4m coupe. z3m's and CSL's are probably overpriced these days.
Saw a Z3M-coupe in town, really want one now. Are all the decent ones bonkers money?