Welcome Drift24-7 B)
the engine differences greatly depend on whether you buy it in europe or the US, but i dont know if you were referring to the US models or euro spec. i'll just assume you were talking about the US spec cause you didnt seem interested in the 93 or 94's.
1995 was the first year for the E36 M3 in the US and it came with a 3.0L with 240hp (although europe got a different 3L with 286hp), then 1996-1999 US models had a 3.2L with again 240hp, but still basically the same engine. (europe in 96 got a brand new double vanos, 6-throttle body 3.2L with 321hp)
i dont remember what the exact tq specs were for the 3L and 3.2L US engines but i'm sure if there was a difference it couldnt have been much more than 5lb-ft, not enough to make a significant performance difference