As this car is not equipped with a S14 engine I put this story under "E30 General" but I'm sure S14 and M3 fanatics still like it, story and a nice series of photos can be found here:
http://www.bmwe21.net/forum/viewtopic.php?t=1213
V8M3
v8m3
saw this car at donnington in the summer, great idea, absolutley mint, would love that powerplant in the i.s??? 

www.bruvsmotorworks.co.uk