I have a little bit of recent experience in this subject...
When I pulled the wheel and cluseter out of my newly aquired '91 'is I discovered that the harness leading up to, as well as the connecter on the airbag slipring had been CUT OUT of the car! My only guess is that someone didnt know what they were doing when they pulled the wheel, and just got out the pliers...
Anyways, I also found my check panel by the mirror unplugged (didnt even know there were lights in the thing) and I have the harness ($30) on order from BMW. I found a used slip ring (the thing that it sounds like oldtimer broke) from an outfit that can be found at
http://www.eurodepot.com. I am still waiting for the package, but they gurantee their parts, and they are inexpensive...I got my slipring for $20 (compared to BMW's $150ish). Joel at EuroDepot was incredibly helpful and owns an e30 himself, so he was really able to answer my questions. They might be worth a look. You will have to give 'em a call, as their new website is still in work, and the old one has a lot of broken links.
I am also told (primarily by folks in this forum) that I will need to find a mechanic or dealer that can reset the airbag light once I have all my SRS components correctly hooked up. It is BELIEVED that average joe cannot reset this one with a jumper wire. The dealer quoted me a huge sum of money, but I was able to find a local BMW-only shop that will do it for $50 and will tell me what codes come up if it wont reset - something BMW wanted extra for. Hope this helps!