A couple things.
Why do you say you know you must run spacers? If the wheels are built properly for your specific car there should be NO need for spacers.
That is an axiom I adhere to. I do not believe in spacers. IMO it can also disturb the geometry of the wheel hub and focus of stress.
Standard rear wheel widths for M5's is 10.5" or 11". Again the offset of the wheels has much to do with thw dimensions.
Now I experimented in the rear with a 12" width but do not recommend it because it requires other specifics to be addressed.
The offset had to be exactly nailed in building the wheels. The correct negative camber (inner tire wear suffers). Tire used is a 305/30/20.
The fronts are no particular issue. Again standards are 8.5" or 9" running a 255 or 275 tire.
I'd recommend a 10.5" or 11" width with a 305/25/20 tire. No problems at all.
A couple pics of my set up with 12" wide rears.

Cheers
Ranger