Any US model S38 you're going to find isn't going to have any EWS since the last S38 equipped car sold in the US was the '93 M5.
I'd imagine the 535 would be easiest to drop the S38 into. Though it shouldn't be much different doing it with a 525. The 530 & 540 would be more of a pain due to the rather different layout of the V8 engine bay.
Why not just get a nice 540/6? It'd cost less to buy a 540/6 than it would just to buy a good S38B36. And you're going to need more than just an S38 to do a conversion. Not to mention a good running M60B40 will keep pace with an S38B36 when being driven under 100, and keep slightly ahead of the S38 under 60.
The 540/6 will give you better MPG than the S38 will. And parts are insanely cheaper for an M60 than an S38. The S38 also requires much more attention than the M60 does. I do love the sound of the S38. But the lack of any power under 4,500RPM on the S38, expense, etc. of the S38 make it very hard for me to find any good reason to throw an S38 into a non M5 E34. I say this all from having driven & worked on both a '93 M5 & a '95 540 M-Sport.
Now if you found a free S38 that didn't need a rebuild (those run in the $8k-$12k range) and found a nice 535 for a grand or two then I can see going ahead with a swap.
Cosmos Black/Black 1995 540iA M-Sport
BMW Individual Exclusive Edition, 1 of 65 total, 9/25/95 Build