Yes, this can be done, in fact, I'm going to be doing it in the near future.
If you go to r3vlimited.com and search around in the swap forum, you should be able to find a wealth of information. Of course, I will be doing a writeup too... You will need custom engine mounts, and you should be able to source a stock driveshaft from another BMW.
There are different head/block combos that can be used in order to maximize the potential for turbos, but that's a bit down the road. I would tend to say that just getting the swap done and driveable is a good start... get used to the POWAH(!), and then look at turbo.
p.s. yes, an E30 ('84-'91 3er) is a good candidate if you want small, light, and relatively free of electronics.
'86 325es (TURTL3): PJ peetsa hawler
'87 535is (BADWATER): almost done... really.
'86 325e (GRN HLL): DD/show/rocket
'04 x3 3.0i: Wife's Bimmer (manual, woot!)
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