I could care less about 0-60 times. BMW doesn't engineer them or design cars to achieve a specific time. They could care less. Heck, their own published stats have been as much as a full half second off.
Once you are over the 1:10 ratio of hp/lbs gearing starts to make a lot less difference in 0-60 times unless you plan on using drag slicks to do your testing. Getting all the the E46s power down in 1st isn't trivial to say the least. Its also very surface dependent. It doesn't matter how much power the new car makes, you will lose off the line to an Evo or Sti or RS4. 4wd cars often produce better 1st gear accel numbers simply because they can launch harder.
The 0-40 times won't be much better than the old M3 but the 40-60 numbers will. Your guess is probably close and someone will probably get that number. However, other will probably get between 4.0 and 5.0. Heck, I have even seen a legit 12.7 1/4 mile out of a stock E46. But that was done by a pro drag race driver that knew how to launch the hell out of the car and under ideal conditions (read, vht prepped launch surface and no empathy for the clutch).
Manual gearboxes, the rotary dial of cars.