FPR is good, and I even opened up the ECU/DME to se if there was anything that looked fried or corroded. It checked out. Put new plugs in and tried to fire it up. It turns over abut 5 times fast, then hesitates, then 5 times fast, then hesitates, and every now and then I get a pop and smoke come out the tail pipe. the smoke smells like burning newspaper. Kind of odd.
I think I need to do a leak down and see whats up. Maybe I have a gummed up valves or my rings are gone and there is not enough compression to fire it up.
Burned newspaper? So its look like you have shit in your engine and after a moment the engine stop by itself. What you have to do when you have too much alcool in your blood? Ur drunk and you cant walk good anymore.So, you have to drink water to be clean again....
So, if everything hard and long have been done, be quick and check everything that its impossible to be. You can find somes interested things.
I got some suggestion for you,based on my experience with E30 with M42 engine, i call this the "BMW E30 PANZERTANK CHECK-UP" ::p
#1 - Check fuel and air filter . Somes peoples were saying me that my trottle position sensore were dead when it was my fuel filter had failed and the engine was eating a lot of sh*t....
#2 - Air filter.... Is clean? Remove the first part of the air intake and check in the trottle body and in airbox for water, sand or maybe paper.....or dead butterfly...why not? It's easy and quick.
#3 - WIRE! Check ALL your vacuum hose. I was unable to push the gaz to the floor completely because of a failed vacuum. Start to a good level, replace old and dirty vacuum hose, maybe some old oil is blocking.....Its happened with my car.
#4 - Profil gasket is okay? Check, check and check again. This is the first reason of problems with these car.
#5 - Gasket : No leak? Checked everywhere and no leak? If you have old and dry gasket burning in the cylinder chamber its can be bad.....
#6 - Flush the cooling system .It's cheap and it solve a lot of problems. Buy a prestone product for this. It's cheap and it will take you 1 hours. Fast and easy. Do this 2 or 3 times. Look on BMW do it yourself website for this.
#7 - What kind of oil do you use?
#8 - Do you put always the right fuel in your car?
#9 - CRANKSHAFT position sensor? If the sensor fail, you will unable to start the car. Also, if the engine have a problems this sensor, I THINK, will make you unable to start the care to prevent damage.
#10 - Water in the fuel tank can be hard to detect. Drain your fuel tank. If you have dirt or water you will see.
#11 - UNDER THE INTAKE. You see nothing. You have to dismantle everything of here and see if there's a problems.
If you CANT find the problems, keep us informed of all your habbit with your car for things we have not thinking about.
After all of this, think about 2 or 3 hours at a good bmw garage, they know all to think about bmw and its will save you a lot of times....but not money instead...loll.....

Good luck..!!!