tracking being lapping or racing?
If you just wanna do lapping days id definately drive the e46 m3.
If you want to race, and the class you're looking to race in allows e36's, i'd do that. You're at least 100X more likely to have a racing incident in a race than in a lapping day.
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2002 TiAg M3 6mt
deoranged, dechromed, led tails, ZHP knob, UUC SS v3, GROM, OEM 220M 19's, Michelin Supersports
2006 YZF-R6, bunch of go-fast stuff