A turbo setup may only get you 60 or 70, but keep in mind, in these cars, that will exceed e30 M3 power to weight. You will be beating many Mustangs at that point instead of losing to them badly.
Also, a properly prepped motor (lower compression, new cam) can make those numbers shoot sky high. I have heard rumors of 400-600hp, though I have also heard rumors of higher but also that the bocks break at 600.
Of course this costs lots of money, figure over $12k all said and done.
Once you have a chip, you can cut or mod the air box, though that is arguable as a benefit.
Coil on Plug may get you 1hp, but it is a good upgrade to make as it costs less than good plug wires and lasts far longer.
Cams can get you a few HP, but they are over $1000.
Head porting could get you a few, as well as intake port and polish, again bank...
The only real true increases in performance will come from chip, lightened flywheel, close ratio transmission or removing weight from the car.
After that, a performance rebuild, turbo, or blower is necessary. Rebuilds cost $3500 to around $8 or $9k, Blowers, about $4k, turbo, sky is the limit, it can be cheap if you know what you are doing and do it yourself with junkyard parts, or you can pay thousands, depends on how much power and your time/skill level.
The other option is an engine swap, which I am working on what our best options are, since everyone recommends the S52, which will ROYALLY screw up our handling as it is a longer engine and weights TWICE as much and costs thousands to get put in. There are some potentially great swaps for us, but all are non BMW.
Also somewhere between 200-300hp, you may want to swap to a stronger diff.