Since you are living in Europe, i suggest you to check out the German Ebay. I have bought several chips from there mainly for 318I (M40) and 320IS (S14).
So far i have chipped only 9 BMW's, but i have chipped 31 various Porsche models.
If you chip an N/A engine do not expect too much. The advantage is usually few additional horsepower and a little bit better torque. I have also noticed my chipped daily driver M40 got more MPG with the chip. What comes to flywheel changes most likely your Euromodel already have a lighter one. I assume you do not have AC, like most euro models did not have. Heavy flywheel is usually a problem for our US friends.
I have a BMW factory's Motrosport divisions chip from which i can take a copy. Factory claims 12 additional HP and rev limiter is set to 7100rpm. Let me know if you are interested. Yo pay price of empty Eprom, postage (letter) from Finland to Ireland and give me enough money, so i can buy a bottle of Guinnes
