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I had the '82 320i checked out by a local import shop. Besides some rust, the biggest problem he brought to my attention was a lower-pitched "rattle" coming from further down in the engine. He thinks the main bearing has gone/is going south, and would be more than a $400 fix ($400 being the price of the car). From the context of a BMW beginner (i've worked on my own Hondas in the past) what would be involved in replacing the main bearing myself, and what else, if anything, should be done at the same time.
Maybe I'm being too optimistic about the car's state, but I really like it, and want a "project" to work on.
Thanks,
-Pete