Hi Don
BMW did a good job of getting the horses out of the engines. Some reports say the chips do add hp others do not.
The best advice for more HP is to fit the the inlet manifold from the M54B25 onto your 2.3 L Z3 with its M52TUB25 engine, you'll find some added horses at the top end with improved performance above 3,500 rpm. Have done this mode on a E46 323 (M52TUB25 engine) and a 2.0 L Z3 (M52TUB20 engine).
Parts Needed:
- M54B25 inlet manifold
- DISA valve that fits the new manifold. Your old one will be too small
- Throttle body adapter plate
https://www.ebay.com/itm/BMW-e46-328...itleDesc=0%7C0
- New Inlet manifold gasket
- a 6 hour tin of spare time to do the job
Regards
Murray