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Just to add a few quick points:
2) There are many more E46M out there than Z4Ms. Because of that, the aftermarket developed many more parts for the E46m than the Z4M. Not only are there more parts available for the E46M, but this translates to a greater abundance of used parts (compare the parts section of ZPost Vs M3Forum and you'll see what I mean). More used parts = more options to choose from and lower price for pre-owned parts. Not sure if you're one to go for pre-owned parts but it's perhaps something to consider.
5) For either platform, be sure to research the VANOS and rod bearing issues before purchasing, especially as this is planned to be used as a track car. And I'm sure you're aware of it, but also consider the infamous subframe reinforcement & bushings on the E46M.
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