Yes, they fit. The ride hight should even be about right, considering that the balance of an m42 car is close to that of the m3. I am fairly sure that the 318i has the 51mm struts like all the other e30s, save for the m10 318i. This means that shocks and springs are interchangeable.
M3 springs are not very stiff, so if you are looking for a big increase in mechanical grip I would go with H&Rs or something.