Nick, based on my time spent with the E36 M3, I'd say you have the gist of it.
Cereal will be along to tell the whole story but, if I am not mistaken, PhilRS's Aero was set up by the racing team who supports the previous owner Olly Bryant; therefore, will have been done with some care and attention (and proven).
Indeed the car belonged to Graham Bryant a Morgan racer in the 80's & 90's. His son is also a great current racer who now has moved onto serious racing as a career. Graham had the car but TBH did not get on with it in comparison to some of his other cars, as a result he spent a lot of time trying to get the car to feel how he wanted it, suspension and geo tweaks followed, as did the Librands Exhaust and Remap. In the end he moved the car on through lack of use. I picked the car up following another owner in between.
I generally overhauled the car to ensure everything worked perfectly, swapped out the headlight bulbs for some hi-vis but not full HID. Also had all the brightwork electro-foretticly polished. I also replaced the old air-box for a cone-filter.
All the screws and fittings were replaced with Stainless Steel and the Headlight pods were replaced and the brackets modified so the would not pull the lenses off in the future.
I've had 2 Mk1 Aero's and the second drove the best by far.