I have converted a 316 carb auto to 3.5. firstly the sump will not need changing e28 use the deeper sump. Secondly check to see if you have the large c101 plug on the bulkhead by the brake servo. Late prefacelift models used this type of loom even if its not there its still fairly straight forward to plumb in.
However its not all roses ,as mentioned in previous posts you 316 will need a lot of other parts to make it a good car. I remember someone mention the main rules of tuning is ' Make it stop, Make it handle, Make it fast, in that order'
So a brake upgrade is a must. Lrager front struts and stronger springs, thicker antiroll bars (your 316 won't even a rear ARB)
Different ratio diff, gearbox clutch and flywheel, radiator.
My advice is to collect all the bits before getting stuck in or you'll end up like me and still have it in your garage 2 years down the line waiting fir a prop and exhaust
HTH
john