Since you're not going to go fancy with a new exhause, did you check the usual suspects...Midas or Meinke? Can't see how they'd charge $500 for that kind of a job.
<span style='color:green'>1994 325i </span>- - - 75,000 mi.
No mods - - - very happy as is!
<span style='color:green'>1995 525i </span>- - - 154,000 mi.
No squeaks or rattles... unreal!