First off, an ///M3 isn't just considered practical, but rather a true luxury sports car.
1. I have not, but the Euro version is supposed to not only haul ass better, but also handle better.
2. Main differences, the engine, Non vanos? All of them above 1993 (inclusive) had vanos. Where there M3's in europe before 95? only the "m teknique" ones?
3. For this question are you asking for American or Euro? In either one, the OBDI 3.9 liter engine is more moddifiable and is prefered if you are into that stuff here in US spec. The euro version however has about 50 more hp in the 3.2 liter version so it would really matter on preference. If you are goign to really heavily modify the engine, then go OBDI. Otherwise, Euro OBDII.
1995 BMW M3 Turbo - Dakar/Black