9.4 et 34 is too conservative. 9.5 et 20 is aggressive but it will work. You will need to add some camber in the front to make it look good with 275/30's in the front. 255/35's will be stretched on 9.5" wheels but they will work and you might not need to add camber. I'm not a big fan of 265/30 because the sidewall is smaller than I would want. I would go with the 9.5 et20 wheels with 275/30 tires and have the camber adjusted front and rear. I would run 295/30 in the rear but you may have some slight rubbing. See the link I posted earlier to see what people have done to deal with the rub.
'04 E46 M3 - Jet Black - Sold
'08 E90 M3 - Alpine White - Sold
'13 E92 M3 - Silverstone II - Sold
'13 E92 M3 - Alpine White - Ohlins TTX, Fall-Line Suspension Arms/Bushings, AP Racing BBK, OE GTS Aero, Cobra Seats, Akrapovic GT4, GMG 4-point, BBS E88