hey dude, welcome to BMWBoard. Turner Motorsport offers an OBDII kit that is like cams and software thats pretty good. i'm not sure what they do about m52's but they have a good kit for my m50. you can roll it back to OBDI but thats a ton of work. i'd say start with the basics like software and a nice exhaust. you won't get much power, but then when you go to do cams and other stuff you will get a lot more power from them.
honestly basic stuff like intake/chip/exhuast is a good start. but if you want power you need to do cams/software