I had an E46 M3 ZCP, and it was def one of my favorite cars. Each drive will bring a smile to your face. With that said, the only warning I can give you is that it is very expensive to squeeze any more power out of it. You already have an N/A car, so you know how it goes. Mods for an ///M can empty your pocket quick. Other than that, the E46 M3 is pretty solid in terms of reliability. Stick with a 6MT and 2003.5+ model and you should be ok.
PS - if you can swing an 05-06, then I would recommend finding one with ZCP.
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