Doesn't look good. The rest of the front fascia does not match the bulkiness of the M3 bumper. It seems to fit pretty decent though. Your color is sex, put your OEM bumper with a nice lip and call it a day. (randy/empowered had a nice front lip on his old e46 sedan, check it out).
There is a reason BMW didn't put the M3 bumper (or a very similar copy of it) on the non M e46's, like they did with e39 M SPorts/M5.
Edit* Here is the lip that I think I am talking about.