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Have had a look there.What changed your mind about the e46 wheels using the 4-5 stud conversion, and going down the 15 bbs route? Would you be interested in selling your adaptors?
I have some original BMW Alpina's that are 16x8 at the back. Unfortunately when I test fitted them it looked like they were going to be a gnats too wide. I think you might be better off with a 7 inch rim.
After fitting new pads on the front the spacer wouldn't go past them - they could be machined down a bit.
I decided to refurb the old wheels to start with as I had a good set of 205/65/R15 Bridgestone RE720's spare and eventually get some nice ones made by Image to fit the car perfectly with the right offsets etc.
I will stick the adapters on eBay at some point, I paid £185 for them IIRC.