What about a carbon fiber OEM style hood?
Seibon makes one, same exact style as OEM, not perfect but the fit is at least 95%. However, the weight savings for our porky 1 series aren't bad at all, especially in our heavy nose. They retail for about the same as the OEM BMW hood, but you can find them significantly cheaper:
http://www.ebay.com/itm/08-09-BMW-1-...-/261009811581
Depending on how modded your car is, you may even want to leave it unpainted to show off the carbon (has a glossy, UV-shielding coating). But still, $620 plus free shipping is a good bargain for what I would consider an upgrade from a $800 OEM hood, though I don't know if the free shipping from that particular ebay sale is good for canada. Plus, the canook dollar is worth more than USD now (right? I thought it was).
(
Non-ebay buy link from Vivid Racing - I got my GTR style seibon hood from them through the forum and they were awesome).