It's a tricky one.
The m30 is an dial candidate for boost and the tcd kit has a pretty average old tech manifold and turbo.
There is heaps of room in the e34 and personally I'd run like a 666fsbricstion top mount manifold or more than likely the obx t4 copy as its about $300.
I'm no expert but something similat in size to a falcon turbo gt3582 would make a pretty easy 400rwhp at moderate boost levels. Run perhaps a mega squirt ecu sOme bigger injectors a wast gate and reverse the direction of the throttle body and away u go. It's a pity u ain't in Victoria is there is someone here who could sort it drive in drive out for pretty reasonable cash.
The other consideration point is to use a common as muck holset hx-40 turbo 2nd hand and then down the track use the expensive but good garret ball bearing gt3582 or something. I rekon a drive in drive out budget of say 2-3k in parts, 5-6 k when u add labour etc would get u an honest 400rwhp and it would be a weapon in the e34 as it could handle it no worries. Prob need to have lsd if u don't already and prob an upgraded clutch and something like a Bosch 044 fuel pump.