you've already got the right idea...Chip, intake, and exhaust are probably the three easiest things to do. Also, to go on top of the engine mods, BMWs are made to handle. Throw on some sport springs, some Bilstien struts or similar, some sway/strut bars, and you will be SHREDDING turns even more so than you can now.
With a Chip, intake and exhaust, you might be able to gain a good 20-30hp and 20-30lbs of tq (give or take)...I just don't know the availability of a chip for the 320 engines...thats where you will have to do some research...goodluck!