From what I know the E46 3-Series e-brake is a different shape then the Z4 one. I believe the Z4 one is slightly shorter. Whether or not it will fit I'm not sure, your best bet would be to pull off the boot, pull off the handle and give it a shot. It should fit snug whether or not it is shorter since if the Z4 one is shorter the longer E46 one should fit as well.
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