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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Hot: 2001 Estoril M Roadster
ZCP 19's michelin supersports, ZHP knob, JL 8W3
Cold: 2002 TiAg M3 6mt deoranged, dechromed, led tails, ZHP knob, UUC SS v3, GROM, OEM 18's w310's,
Fun: 2006 YZF-R6, black, ohlins, pazzo, cat delete, vance hines csone, YEC racing tune