
Ant, ta very much, kind of your to say so, tbh i've been lucky with a sound engine. Can you explain what "wide-band" means?
E30-320i - i don't know what exhaust you have but changing the exhaust alone to something more free flowing gave me about +5bhp at peak which i know from comparative power runs at the same rolling road. Most people probably wouldn't want the model of exhaust that i have as its running over 99dBA at 4,500rpm and i couldn't live with it if i had to drive it all the time
Check the list of things to check in Ant's post to find something out of tune.
One other item that may be worth looking into is the whole ECU itself as all ECUs are now all over 15 years old. I've not had this problem myself but from talking to several other people there seems to be something in the ECU which deteriorates with age and the symptom is power loss in an otherwise healthy car. I have no idea what the part of the ECU it is that is aging and the only way that i have heard of checking is to swap ECU's on the car in back to back tests.
Maybe someone else knows more?