I think you're asking the wrong question. I'll restate it properly: "If I have $4000 burning a hole in my pocket, can I get real racing calipers on my car?" There was a buy on here that used RX7 hardware, and it seemed to work well. He had a machine shop, but I'd figure it's not impossibly expensive to get emachineshop.com to custom machine some billets for you. If I find it I'll post it.
However, I'd suggest stock BMW pads (Textar), along with some SS lines. I've also had luck with Akebono ceramics, they worked well. I liked the way ATE PowerSlot rotors looked, but cheap plain Brembo blanks work just as well.
The single-pot calipers and small rotors are very lightweight, I'd recommend keeping them stock and optimize brake pedal feel instead. Every pound of unsprung weight (hubs, calipers, wheels) you can save is worthwhile. It gives the car a light and lively feel, and dramatically increases the lifespan of bearings, bushings and struts. Our cars are blessed with incredibly low weight, especially compared to the heifers BMW makes today. Given that the car is so light, heavy brakes are a significant penalty.
Most mushy brakes are caused by worn lines, worn caliper seals or old MC seals. I'd recommend testing or swapping your master cyl first - the E32 (750iL) master cyl is a significant improvement from what I've heard. It's a cheap bolt-on upgrade, less than $300 for a brand new one. I'd also urge you to overhaul your calipers. Those seal kits are really cheap, maybe $20-ish per corner. Maybe get them powder-coated while they're out...red is fastest, LOL.
Here's a good thread on that option.If you must have cheap four piston calipers, check on early E24 or E28 fixed-caliper brakes. They're quad-piston in the front, dual in the rear. I don't think they're bolt-on, but they should be cheap. They were good enough for Ferrari, and anything that can slow down a 3700# E23 or E24 will work magic on a 2500# E30. They are a complete PITA to properly rebuild, but that's what you get with multi-piston calipers. Check out how sexy my E23 looks:

Rears aren't so sexy, eh?
