An M88/S38 in an E30???? What did you take that out of? Something special? :fencelook:
Ok, so let's pretend for a moment that you have a standard M88 with 285HP. (I'm more familiar with HP)
As I'm sure you know the motorsport M88 had up to 430HP, here is a little CSL inspiration for you.
http://www.stanceworks.com/2012/11/bmw-of-north-americas-vintage-collection-the-bmw-e9-csl/
Fkn beautiful.
The S38B38, around 335HP with rumours (kinda proven) that there was a 400HP version in a select few very very special E34 M5 cars.
see
http://www.m5board.com/vbulletin/e34-m5-discussion/114459-e34-m5-400bhp.html
Assuming you have the 3535cc s38S36 86mm crank no? or the 84mm from the M88?
Not knowing what you've done already I'm going to just roll....
It looks like trying to improve the S38 engine takes some serious commitment, but...400HP streetable should be possible, highly strung yes, reliable, maybe. With modern tech, doable.
Emerald, Omex, Vems, DTA, these are the best standalone management systems, and the only way I see you doing it. An alternative is the Fritz Bits chip, if anyone can tell you how to get to 400HP it's those guys.
Open trumpets, 280 or 272 Schrick intake cam, Management, Exhaust (Fritz or maybe vd Linde)
I'm going to assume you are not keen to bore/stroke/dismantle
Actually just read this!

They know far more than I!
http://www.metricmechanic.com/product-prices/engines/m5-m6-s38-s88/
http://www.fritzsbits.co.uk/shop/shop/
http://bimmerboost.com/content.php?...port)-4-2-liter-S38-inline-6-stroker-kit-6900
:thumbs: