I don't know how much hp you can make out of the motor, but if it is going to race competitively in ITS it'll need to generate north of 185 whp at that weight. And well north is what I'm thinking, 195-205 wheel hp at 3000 pounds.

I have no idea of the BMW engine can generate that sort of power. Certainly it seems the unrestricted BMW E36 325s of the 2002-2005 era were making that sort of power and more, but I don't know how that engine compares to yours.

Good luck with it, I'd love to see it out on track.