I'd say wait for the m3, but I'm biased.
It really does depend, in this situation, on how long you expect that e30 to last you. This might not be a question of want, but necessity (as I think you've already realized)!
However, think about shopping across state. For the price of shipping, you just might be able to get an m3... Hell, my m3 originated in a PA showroom floor before being bought, of all things, by someone in Chicago!
Guaranteed the e46 will be a softer ride. You will probably (I don't know as I haven't driven an e46) feel a little less of the road due to the more intrusive assists. Unless you get the performance package (re: sport package), you will probably see a downgrade in the e46's handling with regards to the e36. The speed ... I think the m3 might be a touch faster, although power is only slightly less in the e46 (weight has a lot to do with it...). I would get an e36m3 before an e46 non-m, and an e30m3 before an e36 non-m. However, I would get an e46m3 long before considering all else. Maybe. It's a tough call because you could always get the e36m3 s3-m3 Dinan kit. Meow.
1998 BMW e36 M3 Sedan
Crap, I think I may be a yuppie...
2003 MINI Cooper