Why start with an M3?
Can't you get a base coupe for much much cheaper, then pick up a wrecked M3 to swap parts into or even just an engine/harness.
Though I guess if you're planning a sequential box you probably don't care about the price premium for the M3.

The strengthening plates can be welded into any of the E36 models.
What are you planning to do? Gravel or tarmac rallying? If gravel the Compact rear suspension will hold up to the beating that a proper gravel rally will deliver better than the Coupe or Sedan. You do have to deal with upgrading from the small diff though. But it's not rocket science.
I'm guessing since you've got some ideas for gaining suspension travel you are planning on a gravel rally car. I'd suggest finding Dave Kern's build on here or at 318ti.org and review what he did. Probably some of the more radical changes to achieve lots of steering angle, lots of travel, and proper camber in front.