1) It did, although it is a rare option. The optional factory wood trim was Eucalyptus wood in a matte finish. I have that trim in my M3, although I bought the car with plastic trim. However, any wood trim for the equivalent body style 325/330 E46 will fit the M3 as well. At one point or another I fit a set of myrtle wood trim (very dark brown) and BMW Individual anthracite birch wood trim (very dark gray) to my car. For me, the problem was that almost all the wood trims are finished in a high gloss. So you've got distracting reflections and it just did not seem very sporty to me. Of course, many people think wood trim doesn't belong in an M3, anyway. I do not know how many of the various wood trims are still available through the BMW parts system.
2) I've not heard of a widespread VANOS problem -- I do recollect seeing an irate M3 owner here complaining about VANOS -- and have not had any problem.
I am retired and don't commute in the car, so don't put a lot of miles on mine (19K in five years plus) but adore this car. I keep seeing other pretty faces (new M3, Porsche, etc.) and think of replacing it, only to tell myself "Wait a minute! You already own the perfect car! Why would you want to replace it?"
The one thing I would caution, although I'm sure you are aware of it: given the car's reputation, some of them have fallen into the hands of what could be described as the "fast and furious" crowd. A good pre-purchase inspection at a dealership or quality indpendent would be wise...
BMW CCA #115780
'14 X3 35i M sport