I agree with your calculations.
Taking just the back wheels, as this is where the speed sensor is on the rear diff, then going from 235/45/17 (25.33") to 265/40/18 (26.35") is a 5.4% difference, leading to a speedo reading 100mph and you going 94.7mph.
The 265/35/18 you mention gives (25.30"), a difference from 265/40/18 (25.03") of only 1.1%.
I would suspect that it would be childs play for BMW to reprogram the OBC to adjust the translation from the pulses-per-second of the diff sensor to whatever signal it sends to the speedo.
No, let me rephrase that.... It would not have been hard for the engineers at the BMW GMBH factory to alter the programming for the cars when being manufactured in the production run for 1994/95.
It would probably be less hassle to change the rear tyres once your current ones wear out. Until then, just remember not to go too fast over the speed limit when passing Gatso cameras. LOL.
I don`t think you`ll have much luck with walking into a main dealer, giving them a big beaming smile and saying "I`ve put M-Parallel wheels on a early E34 M5, resulting in a 5.3% error in the speedometer. Please can you advise me of the software modifications to the OBC on the 1994/95 model years and the possibility of flashing the software on my car."