Thanks for the thought guys - I looked at the spacer and IMHO it pushed things out a little too aggressively for my look on the car.
Swapped out 235 for 225's on the front - Four reasons overall
1) 235 on my setup (Perf Suspension, -0.5 camber) either rub or are just too close for comfort.
2) As stated - Spacer would have probably worked - but made front too aggressive (for me)
3) Ride height - the 235's when you do the math raise the front a fraction over the rears (something like a 1/4 inch) - the 225's sit the front down a fraction.
4) Tire guy's recommendation (who is in an AC 5 series) - The 235's are very flat on the ARC's and in his opinion the sidewalls can flex in under cornering - He prefers the 225's with give a slight stretch and hence rounding and better performance under turn in.
All opinions mine and his - Your mileage and setups will probably vary
End result - My setups 225/40/R18 on front, 265/25/R18 on rears on Hyper Black ARC-8's
Ride is superb and for a more or less 'factory fit' this would be my recommendation.
Yr1 E82 CSM - 6MT, Premium Package, Sport Package
BMW - SSK, Perf Exhaust, Perf Suspension, Shadow Grills Inners, Mudflaps, Alarm, Cargo Liner, Grocery Gripper, Aluminum Pedals, Front + Rear Perf Rotors, MSD80 PowerKit, E93 Sway Bar
Misc -Euro Headlight Switch, Warning Triangle, iBrights, LoJack, Wheel Roundels, Tint, Escort 9500i, Hyper Black ARC8's, Pilot Super Sports