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Why not look at a 760? Should satisfy your power requirement...
 

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I don't think a 550i with just a dinan ECU will be much quicker in a race than an E60 M5. Puttering around town yes it should feel a lot quicker. The M5 has better gearing for racing with its high rpm band, and is about 200lbs lighter, so in a straight line I bet it'd be damn close.
The 550i has 8 gears, so if anything it will have equal or bettering gearing advantage as an E60 M5. Add in the fact that it's got nearly 200lbs more torque and it seems like a good argument against an E60 M5. The one thing I do have to say about an M5 though is that after 100mph this car has beat much lighter, more powerful cars, so I wouldn't be at all surprised if it blew past the 550i in the end.
 
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