Take some weight out and perfectly dial in the suspension. All poly in the suspension, better differential. Upgrade oil pump. larger oil cooler.
I don't know much about PIR, but you can usually check to see what the track record is for the class. In NASA, it is a B car.
If I raced the z4, I would find out the complete specs of what tc Kline did to there cars to make them fast. I believe the e46 m3 and z4m are completely different cars, so it is important to treat it as so. What you do to one doesn't necessarily apply, unless we are just talking about the s54.
Based on your last statement, you will need to strip the car to get down to 2800lbs.
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