My guess is that it should fit just fine. Why is that my guess? Because that is the same shifter that comes stock in the E46 ZHP 330's. This is by no means a guarantee. I think you should try it. Worst-case scenario, you have new bushings for your existing shifter, and you can still sell the shifter to an E36, E30 or z4 owner.
You can always just call bavauto or pelicaparts and tell them what you are wanting to do and if they know (or can find out for you) if it will work.
Best of luck!
: In fact, I am pretty sure that is what understeer sells you as the "E46 323/325 Short Shift Kit - $90:" u n d e r s t e e r . c o m