Not the best idea unless your aim is to be the slowest M3 on track.
Like others have said, 18x8 is simply too narrow to fit anything more than a 235-245 size tire on. It should be fine up front but if you go the same size in the rear, you're not only handicapping your M3 but also introducing some oversteer tendencies in an unfavorable way (the good way to go square would be to go wider front instead of narrower rear so that even though you've dialed in some oversteer via tire setup, you're already at a higher level of grip than stock.)
But then if you're a novice on a budget and just want to try an event or two this season, then I suppose using this narrow winter set will work.
2008 ///M3 Coupe, AW/FR ext, M-DCT (gone)