Originally Posted by d4springer
I would go with the 320, you indicate you wanted touring so you at least get that, with a more powerful engine, 19s and shadow line etc... will look great. If you have the readies, you can then get an aftermarket body kit from a reputable BMW stylist like AC Schnitzer, you only need to install spoiler, side skirts and front splitter, will be very original looking (and subtle like an M Sport);
I did this on my older E46 SE, was very happy with it, their products are high quality and lasted the life of the car.
Not sure you'd start bolting body kits to company cars but agree the AC Schnitzer stuff is good quality.
If it were me, I'd go for the M Sport. Just remove the badge on the back.