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Why put a handicapped M3 through all of that?
Buy proper wheels/winter tires or buy a beater.
When the roads are dry (which if it's anything like Toronto is 95% of the winter), it will drive and handle like crap. You may as well find a e46 beater and beat the crap out of that and park the M3. I enjoyed the 325ci I bought one winter and sold in the spring, didn't loose any money also. Gas savings from burning gas in the M3 you don't get to enjoy probably pays for the cost of the beater over the winter.
Then the other winter I bought an e39 m5 that had some issues, fixed it up drove it for the winter and sold it for more later.
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