sounds to me like your mixture is off when cold... an 89 325i shouldn't have a cold start injector (thats an L-Jet and ETA thing)... investigate your airflow meter & your idle bypass valve - could be as simple as a gunged up air-filter!
something to try - pull off the afm & airbox... see if it starts nice - key only, no gas (it wont drive like this, it'll stall as soon as you pump the throttle!)
my gut feeling is that it isnt dizzy/timing related - but i wouldn't rule it out (coil can do wierd temp related things too)
oil leak? high on front of engine? could be valve cover gasket, but if you haven't been fiddling in that area its more likley to be the cam seal
note also, if it is the valve cover gasket, that could impact on starting - it can have the same effect as a mainfold leak - for those who dont believe me, see how it starts and idles with the dip-stick out or oil cap off!