Are you going to be dynoing it for before/after comparisons? I did a custom MAF conversion & dyno'ed it and got 0 gain in power. Throttle response improved, as did idle stability, but power was not gained.
The M42's AFM is actually not restrictive at all. I know that having a flapper door in there intuitively seems like a choke, but it actually does almost nothing to create backpressure (it takes about 0.25lbs to push it fully open / 2.5in^2 = 0.1psi drop across the flap). The M20 suffers from restriction with its AFM, but only because the flow area is too small, not so much the flapper door. In the M42's case, the flow area is perfectly sufficient for an internally stock motor. If anything, MAF's have trouble with the M42 since it has no overlap in its intake strokes & unless proper signal filtering is applied, the ECU will have serious aliasing issues since its sampling rate is somewhat low.
See here for details on my project.
http://bmw.e30tuner.com/articles_mafcon.php(BTW I am in no trying to discourage you or anyone else, I am just sharing my experience)