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From my limited understanding, if you decide to go n/a id guesstimate that your ultimate peak HP would be around 340-350. If you look at some people's builds on m3forum those guys are peaking at 360-370. I'd no way assume a z4 can achieve those numbers however because generally speaking mod for mod we produce less power due to the ecu tuning required. If you dive into stroker kits then things would be different_ but I do not believe I have seen an m3 owner with a stoker go over 400 whp.
If you decide to go forced induction, you might have some issues to deal with depending on driving style. I know if I ever went s/c I'd need a new radiator, fuel pump, and oil cooler at the minimum. Rated made 470 whp I believe, which is nice, though I'm not sure how consistent his numbers are pull after pull. I think eas made 420 who or something like that, though again I don't know how consistent those numbers are over time. No matter what it is my impression that your car will heat soak... It's just trying to find ways to limit it
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