I have a '98 M3 with 75K on it. my clutch engages at about the same point as yours. However, i think mine may be worn a little but definately not wore out. Im still in the learning process, but i have a new theory:
i recently replaced a clutch that i thought was wore out in a toyota pickup due to late engagement (the toyota didnt have this problem until it had many miles)...But I found out that the new clutch engages at the same point as the old one, and the old clutch disk was not wore out when i had everything apart. I now think that the problem may lie in either the master cylinder or slave cylinder...if these are wore out then engagement will be late and sluggish... i have yet to change any of these parts on the toyota so i cant say for sure
another thing to think about is the clutch fluid itself...the fluid in the brake system and the clutch system in your bimmer is the same fluid...brake fluid eventually takes on moisture and can lead to premature wear and rusting in mechanical components...so if the fluid is old or you have a little air in your M3 system, this may be some of the problem with late engagement or sluggish and spongy clutch motions. i have heard brake and clutch fluids should be changed once a year...hope this helps!!!