If you're using OEM sizes, run either 245/265, 255/265 (to dial out some understeer), or 255/275 (to maintain relative handling balance and increase overall grip at the cost of added weight). I'm installing a 255/265 setup on stock 220M's after chunking a front tire last weekend at the track, so hopefully the extra width and small extra camber I'm adding (going to -2.5 from -2.3) will protect the outsides more. I've already thrown out three sets of front tires early due to premature outside wear -- in 26K miles.
As for tire compounds, I'd stick with PSS for a while honestly. Several students run them even in advanced groups (including myself) because you can learn a lot by resisting the temptation to just add more grip -- although I don't have a set of dedicated track wheels, so that's also partly why I have PSS. If you feel the need for more, AD08 R's seem popular (though they're expensive), and of course there are NT01s if you have the cash to burn and are in a high enough run group that you're allowed to run them. RS-3s are ordinarily popular, but I don't see them on E9x M3s much, possibly because they wear too fast on cars that are this heavy? Also note that different tires with identical size ratings can run wider than others. For example, AD08s of a given size rating usually match the actual size of other tires that have a 10mm wider rating, so running 255/275 may not be possible depending on the type of tire you buy.
But if you'll be doing that many track days, get camber plates now and align for -2.5, otherwise you'll repeat my experience with premature front tire wear. I corded BOTH of my two front PSS tires after 3 track weekends (and a total of 7500 miles since they were my full-time tires) before I got plates. Part of that is because PSSes don't have as stiff a sidewall as tires like an AD08, but even there you'll probably want extra camber for protection -- and of course the extra grip.
