The why:
ETK lists the E31/E34 rear carriers AND calipers as being different. I suspect that the calipers are more or less/functionally the same (meaning you can bolt ANY rear E31 caliper onto an E34 -- we already know that the 328x12 rotor bolts to E34 cars and I am confident that the 328x20 rotor, shared with some E38s incidentally, will fit).
The problem is the bracket -- the E34 bracket is shaped to clear the rear ABS pulse sender. The E31 calipers are mounted forward on the rear hubs (versus on the back with E34s -- which also means you need to switch the E31 calipers left to right when using them on an E34 to keep the bleeders at the highest point in the system), as such they don't need to clear the pulse sender because it isn't there. I've tried different brackets -- the E32 740/E34 540 part won't clear the E31 pad but has nearly the same dimensions as the E31 part (pulse sender accomodating bend gets in the way). I can't think of another bracket that would fit the criteria -- let me know if you have any ideas. I also can't easily return the E34 brackets were I to buy them/don't have quick access to an E34 with these brakes at the moment/so it'd be a pretty expensive trial if it doesn't work out as planned.
So, to make a long story short, I'm wondering how the E34 bracket clears the pulse sender and the larger pad while keeping the same rotor diameter and (probably) caliper dimensions.