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FWIW, and as someone who went through several cars, including an E92 M3 and a Cayman, I'd sell the M3 and then sit back a few months and just drive drive/enjoy the X5.
From your comments the M3 seems to be the focus of anger with yourself over what you feel was a bad decision. Fair enough, I know that feeling pretty well, and I've been there myself.
If I had to do it over, and could go back and offer myself advice, I'd have sold one car and sat things out awhile, before jumping into something else--that was I could have come back to it with a clearer head. The strong emotional reaction around the M3, and the decision to buy it, sell the Z4M, isn't the best place from which to be making further decisions.
Bottom line, it's hard to think clearly, or even know what you want, when there's that much going on in your head and when strong emotions are involved. At least that was the story in my case.
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