There are mods needed. The tabs that need to be bent are the two black ones that bolt to the bottom of the existing rack. They need to be bent so that you can get the old one out and the new one in. The lower link also has to be replaced with a lengthened one, and Zionsville autosport among others have these. Also, you will need a new high-pressure hose with the correnct fittings and angles, although I have heard that it isn't difficult to modify the existing one. Having the airbag doesn't matter; airbag cars had differently-angled steering shafts and firewall holes, so I think it takes a bit of work. This is one of the reasons I haven't done this yet.
BTW what makes the 1995 m3 rack so special? Is it different than other e36 m3 racks?