All it requires is the Frangipani stickers on the window.

http://cgi.ebay.com.au/BMW-318i-sedan-Gen3-LS1-V8-6Spd-Vic-Reg-Drag-Hot-Custom_W0QQitemZ150409337342QQcmdZViewItemQQptZAU_Cars?hash=item23051859fe#ht_500wt_1182

Interesting, long rego and no engineers report.

A few years ago i used to drive a '94 5 series BMW. One christmas after a few JD's, a lot i should say, we were eyeballing the freshly built VT 304 full roller cam engine on the workshop floor just meters away from my Beemer that was starting to p#ss me off because it just did not have that V8 sound. It did not take much convincing to grab the tape measure and start working.
Two months later it was fully engineerd, RTA approved and the best sleeper conversion i have ever built. I used the full Commodore running gear, Turbo 700 R4 , Commodore radiator, Holden engine management fully integrated to the BMW dash, even the aircon was working. It was the best conversion i have ever done so far and it was an absolute delight to drive.
And best of all it could do the biggest burnout that no other BMW would do much to the amusement of the onlookers.
It would also do 600 km with a full tank of 70 litres.

6 months later i swapped it for a Mustang.....stupid me!