+1 on the Getrag 220. It was the stock 5-speed on later M42 & M44 motors, the ratios are significantly shorter. I believe that the 220 used a direct drive 5th gear. The 240 is an overdrive 'box with an 0.8:1 5th gear ratio. A Getrag 240 with the M42 pattern bellhousing should be cheap, and they can handle a fair amount of torque in the lightweight E30.
With the wider 240 gears, I'd probably go with a 3.15 or 3.23, whatever was cheapest. You could also run larger circumference wheels, they'll drop your final drive ratio.
I actually happen to have both a 240 and a 220 in my garage, PM me if you wanted any firsthand specs.