UPDATE 7/18/09
LADIES AND GENTLEMEN...SHE'S ALIVE!!!!! 
Here is video of the very first start! It's loud right now as there is no exhaust yet. Just straight out of the headers. But as you can see the engine is healthy and strong with absolutely no long crank. (wish I could say the same for my 335i and it's amazing fuel pumps). Excuse my cursing but I was a bit happy! hahah.
[u2b]<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/GRZuVLPAOGU&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/GRZuVLPAOGU&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>[/u2b]
Still pending is a 3" MAF, custom cold air intake and exhaust. Once all those things are buttoned up, it will be time to smog the car! At the moment I'm installing a custom coil over kit similar to a ground control set up. Using RMS springs and Bilstein Sport shocks. New bushings and ball joints are also going to be installed before the car is actually released to me.
Basically speed and handling out of the shop will be amazing!
Stay tuned for more updates!