You should definitely try to get it on a lift and check out the underside for any damage/rust/problem areas too. And here's another thing to look for. Open the trunk, on either side, pull the carpeting away from the rear strut towers. There will be a rubber blanket over the towers, pull that away. Now take a good look at your top rear shock mounts and make sure they are not cracked or damaged. This can be a big problem to fix if you don't catch it in time. Ask Delmarco.
And definitely change the water pump. Dudesky is right. My 318i engine was lost to a faulty water pump. I think this is so important, I have two new waterpumps sitting in my garage right now. One for the M3 engine I'm rebuilding, and one for about 50k miles down the road. Not taking another chance on that one.
As per everything else dudesky said, Amen brother.
Don't start modding untill you get some knowledge. And please, ask as many questions as you want.
