I did some research on getting an alignment shortly after I bought my E30. From what I could learn from the internet and from calling the dealer and other alignment shops in the area, aligning an E30 BMW only involves adjusting the toe angle. Caster and camber are non-adjustable, and there are no routine adjustments for the rear suspension. Plus, to align the car properly to manufacturer specs, you have to have a full tank of gas, and there are certain amounts of weight that need to be placed on each of the seats to load the car's suspension.
$40 seems pretty good for an alignment - the cheapest I could find for my E30 was $50. The dealer wanted $70.
By the way, I see you are from Bowling Green, OH. I was born in Findlay, and all of my family is from Tiffin. My dad went to BGSU.