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Is it Trackday yet?
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According to the information at this site:

The center bores on the E83 and E46 are the same (72.5mm), as is the bolt hole pattern (5x120) and the offset of 46mm is definitely within the proper range for an E46 too.

What differs is the bolt size used to mount the wheels. E46 is an M12 and the E83 is an M14. That tells me the actual bolt holes in the E83 wheel are larger than those in the E46 wheels and probably makes it incompatible for that reason. Your lug bolts probably won't work with the E83 wheels and since an M14 and M12 have different pitch, you can't just use an M14 on your E46 hub.

I say they are not gonna work.
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