For club racers, I have found the TRMotorsport C2 and the Kosei K1 Racing wheels work really well on the E36 M3 cars. They are both very light -- the C2 at 19 lbs. and the K1 at 16.8 lbs. Reducing unsprung weight and getting to the same size wheel and tire on all four corners is a good thing for racing. By doing this you will reduce the understeer and make the car more neutral handling.
For tires most guys are running 245/40R17 all the way around with this set up. The tires we recommend the most are the Hoosier R6, Kumho Ecsta V710 and the BFGoodrich g-Force R1. All of these tires are going to give plenty of grip in all conditions.
If you are new to racing, look at the BFGoodrich R1 tires because they are a liitle easier to drive and very consistent. The other two tires do not give as much feedback but can be ultimately faster.
Have some fun and go racing.