Interesting observations Whit.
Mine was on a similar machine a while ago after fitting the M-technik spring and sways (25mm front, 18mm rear) package with Bilstein Sports. We noticed some weird numbers at the rear that really didn't matchany of the Bently specs. The car is dead flat front to rear, with almost no rake at all- ie if you measure from the sill panel to the road it is the same front to rear. but there is a gap at the front from tyre to fender of about 2 fingers (unladen). At the rear there is no gap, the tyre is under the fender in fact.
The suspension is now much stiffer and the car sticks to the road through the corners like sh*t to a blanket. So I looked into it as I'd like to get it as close to spec as possible. What I worked out is this:
What BMW calls 'Sport suspension' equates really just a different set of springs to the stock ones- (ie but only a slightly lower setting). I believe it is sold as a cheap upgrade, or added to faster models to compete harder and/or get buyers more excited (ie 535is, 540iLE etc.), especially when models get towards the end of production.
Ed would know better about this perhaps...
Whereas M-technik is where real lowered springs and sports shocks are used- such as on M-cars. However to maximise ride and manage tyre wear, my research shows that BMW may do a whole lot more than change the dampers and ride-height: This is something no-one I've ever met has said yet, so it is just theory. But bare with me here for this is what I've found when looking at the part numbers used on each model.
On e34 at least, different arms, structural-members and bushings are used, hence the third set of more aggressive rear wheel settings you alluded to Whit.
ie. According to the online ETK:
On M5 the trailing arms (part 33321137837, Item#1) and trailing arm bushings (part 33321135808, Item#2- ROTARY SLIDE BEARING) are not common to other e34s. They are are only found on
E32:
Details on E32
E32 740i SEDAN, U.S.
E32 740iL SEDAN, U.S.
E32 750iL SEDAN, U.S.
E32 740i SEDAN, Euro
E32 740iL SEDAN, Euro
E32 750i SEDAN, Euro
E32 750iL SEDAN, Euro
E32 750iLS SEDAN, Euro
E34:
Details on E34
E34 M5 3.6 SEDAN, U.S.
E34 M5 TOURING, Euro
E34 M5 3.6 SEDAN, Euro
E34 M5 3.8 SEDAN, Euro
And it gets worse.
The axle carrier itself; Part 33312226620 (Item 1) is only found on
E34:
Details on E34
E34 M5 3.6 SEDAN, U.S.
E34 M5 TOURING, Euro
E34 M5 3.6 SEDAN, Euro
E34 M5 3.8 SEDAN, Euro
So there we have it- M-technik finally explained?
Perhaps there is a 'perfectly good' explanation for all these items being different (anyone care to suggest one?)?
No wonder EVERYONE who lowers the rear of their e34 suffers tyre wear on the inside.
Changing all this is not easy and would be bloody expensive to do. I think I'll be happy to turn my rear tyres round on a regular basis from now on

Nick
EDIT: Actually I just remembered, the trailing arms are different on 7er and M-cars as they deliver a different rear wheel offset. This somehow prevents e32 rear brake rotors from fitting e34. They also have different hub assemblies on the trailing arms (?). But we do know e32 rear brakes can be retrofitted without modification if using 540 rotors. However if one was prepared to change the trailing arms and whole axle carrier housing to M5/e32 parts it could be done using e32 rotors. The question then is; what happens if you do not change the whole axle carrier (but do replace the trailing arms with M5 versions (for example attempting to attain M5 rear wheel geometry)- what difference would you get in rear wheel track and would the alignment come into spec?
That is what I am chasing here; what is actually required to adjust the rear wheel alignment into the M-technik alignment specification?
I don't know if the rear track is different between M5 and standard e34 (and one has to be careful to remove any differences in wheel offset as they have different offset rims), but this may actually be the only reason why the axle carrier housing is (and for that matter the trailing arms) different. Perhaps it was done to allow for the staggered wheels offered on M5 and all one has to do to get M-tech suspension geometry on a stock e34 is change to the M5 bushings after all!
I guess to find out, one would need to have all the parts and be able to compare them.