Tim.
There isn't such as thing as a 'real' German ADAC E36 M3.
I made it up, the ADAC stickers are a joke because the car is so yellow.
How is the car not 'race spec'? It totally depends on what race series you enter as to the required spec.
It is eligible to enter the Kumho BMW championship for example, but If I was going to do that, I'd probably stick AP 4 pots on it, a swirl pot, extra fuel pump and strip some more of the loom away. As well as externally mount fire and electric cut offs.
However, the car is designed to be used on the Nurburgring, so it has to remain road legal.
As a Nurburgring focused car, its in the middle of a true road car and a true race car.
Things that set it aside from being 'An M3 with bits stuck on it' would be:
Strengthened rear arms, modified to provide up to 3.5 of neg camber:
ARP Rod bolts, and Dual oil pick up
Polybushed rear with breather hole in rear diff
Gearbox sound deadening removed, knuckle replaced and short shift
Spare wheel and Battery well removed and smoothed
Decat, 6 point strut brace
//M floating discs, braided lines and ducts from bumper to rear of disc
Bilstein PSS9 (Nurburgring) Coilovers
Safety Devices cage, 6 point Willans belts, Sparco Corsa seats
Oz Superleggera wheels
Carbon Fibre airbox, Strut brace front and rear
Theres a lot more that has been done since as its a continually evolving project.
However, I am willing to admit its not a 'true racer' as you put it, after all, I kept the glovebox. True race cars cant spare the extra 1Kg for glovebox.....
I wont have any quarter mile times? What 'race cars' or 'track cars' for that matter do 1/4 miles? What do represent? Nothing really.
You can have a passenger lap in it on the Nurburgring though.....