If you're really upgrading the car, maybe do a 5-lug swap instead. You can get the late e36 M3 front arms, offset CA bushings and a new control arm with the brakes & build it up. Rear arms from a Z3 or 318ti will finish it up. I think you need a different MC too. You can get some cheap tire combos for this size that work very well. I think a few members run up to 17x8's, like 235's.
Stock brakes are OK, but if you're really looking to update the car that's the way I'd go. There are a lot of write-ups here.