You should be able to get it done for that amount. My recommendation for shocks & struts for an E36 which won't see track/auto-x are the Koni STR.T line. They're the cheapest that Koni makes, but they're still very high quality and have a lifetime warranty.
Whatever you do, I definitely do not recommend buying cheap control arms. They will fail prematurely, and you'll end up paying more in the long run than if you had just bought the best (Lemforder). Keep in mind, every time you replace the control arms, tie rods, FCABs, etc., you have to get an alignment performed, and those usually run about $80-100.
As far as where to buy from, FCP Euro often has good prices. I've been using GetBMWParts.com lately. They also have good prices and low shipping rates.
1998 BMW 328is
1966 Pontiac GTO
2007 Subaru Impreza 2.5i 5-door
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