I tracked my 97 M3 for the first time last month. I was watching the water temp with a bluetooth OBD scanner. A few laps into the session it would would be pretty steady at 220 and towards the end of a 25 or minute session it would hit 225 before dropping back to 220. Ambient temp was in the mid 80s.
This seemed a little high, so I replaced my mostly missing undertray with an aluminum one, added some ducting under the radiator, sealed every gap I could find with foam and rebled the system. Didn't seem to have any air in it. I also added an oil temp and pressure gauge. Water temp gauge didn't show up in time.
This weekend, I was at the track again and the car ran hotter. Ambient temps were in the mid 90s. After a few laps it would hold pretty steady at 230. I would normally take a cool down lap once I saw 230. I couple times though, I started a lap at 230 and saw 234 at the highest. The dashboard temp gauge only moved when I got over 230, otherwise it was dead center. Oil temps seemed a bit high at 260-270 but oil pressure seemed around where it was supposed to be, around 60psi on track, 10-15 at idle when hot.
On cool down laps, the temperature almost immediately started dropping. If I hit traffic and backed off early and did a full lap at reduced pace, the temperature would fall to under 220. Coming off track by the time I got to my parking spot, it was under 200. Idling the car is at 188-190 and usually holds 194 during regular driving.
I've done just about everything I can think of short of hood vents or removing the AC fan and condenser. I have a Mishimoto radiator, efan, and their expansion tank. Stewart water pump, 80c thermostat. I've ducted and sealed the radiator. I'm running probably 80% water and water wetter. The system holds pressure, when tested there is no exhaust gas in the coolant, oil analysis doesn't show any coolant in the oil.
I'm not sure what the next move is. Reading around the internet you'll find people saying Mishimoto is worse than stock, you'll find people saying they run it in every car they have. You'll see people say these engines run hot and 230-240 is perfectly normal but then there are people saying their car never gets over 200.
Temperatures here will be a lot closer to 110 if I do another track day this summer. I'm willing to replace everything with OEM and see if it makes a difference but would like to get some more input.