Will get better pics. Apparently there is a kit in the States (eBay) that uses the tow hook to mount a new bracket for the numberplate. Search e46fanatics.com.
You looking at square numberplate or "Normal" plate?
I might move the my normal plate to the passanger side, leave the tow hook open and mount a square one.
I decided to see how the car would look with the smaller square plate.
I might get some flack for this and im sure im gonna get chased away to the Honda or Vag forums but I actually like it. Changes the front without robbing the pocket.