I'd definitely recommend waiting for Barrie's tune along with the EWS delete - it'll be a great resource for M4x drivers.
I'm no expert (so take this with a big grain of salt), but I've been looking into something like this for a while. The biggest hurdle is the OBDII EWS system is a lot harder to tamper with than the OBDI M42 was. It's not a DIY job, that's for sure. The M44 electronics are not compatible with the M42, especially the crank angle sensor. Worse, since the M42 never had an OBDII version, it can't be easily upgraded to the later hardware.
That does give me an idea...the later E36 M42 (~1995) did have most of the later M44 goodies - so a early/late hybrid might give some advantages. The updated timing chain components, serpentine belt and DISA manifold should all swap over to the earlier E30 motor. You'd have knock sensors too, though still have the earlier MAF. That's not a bad trade-off IMHO. I have heard that the DISA manifold might not fit, and that the DISA valve gives occasional problems. The later manifold also has different injectors and IIRC two O2 sensors. Just details, but important ones, eh?
Alternatively, until Barrie releases the EWS delete, can't you install the whole M44 with the EWS system into the E30? Just tape the E36 key to the EWS antenna and leave it in the dash somewhere. The wiring harnesses can't be all that different, can they? It'll just need power, ground, starter signal, fuel pump enable, etc. I'll bet there's a C101 diagram out there somewhere, given the number of M5x swaps into E30s.