During my last session at Nürburgring I noticed some ticking noise from the valves the first day. The morning after I took it to a local BMW dealer that suggested that it could be the valves that needed adjustment.
I called Kelleners and they were able to that for me the very same day so I went there and they had the valves adjusted right after lunch. The noise wasn't completely gone but they assured me that I could go back to Nordschleife and shouldn't worry about the enigne so I did in a hurry.
The noise came back though and after Eastern when I was back in Sweden I called Kelleners again, they did some research and told me that BMW had changed the drag lever in late 2001 due to some problems with them and that I should have my local dealer have a look at it.
So I took it to the dealer and they said that they would try to adjust the valves first (like that would help). Unfortunately that did not have any adjustment plates (shims) in stock which was strange since adjusting the valves on an E46 M3 is an routine task. It took them a week to get them.
So when they were finally in place the mechanic (which is a really good mechanic) found out that adjustment didn't help and that the car would need new drag levers and that would also replace the cam shaft.
Since my car had a special cam shaft I told him to re-assemble my engine. I picked the car up the same afternoon and talked to Kelleners. We came to the conclusion that I should bring the car to Kelleners to have it repaired. This Sunday I drove down to them and during Monday they replaced the drag levers and the camshafts. I picked the car up on Tuesday and the noise was gone.
The noise from the engine reminded me of a Volvo B20 engine and if you have that kind of noise I strongly suggest that you have your dealer reapir the car. I suspect that this problem may be related to some of the engine failures and since the noise wasn't very obvious I think most people wouldn't notice.
Big thanks to Kelleners that helped both during Eastern and to finally help me resolve the problem.
Cheers,
/Johan