I think you guys are putting the M3 on a pretty high pedestal. If a new Mustang GT can run with an M3 around a track I'm sure a modded STi is well capable beating an M3.
M3's put down 350-360 WHP & weight about 3700 lbs.
Stage 2 Sti's on e85 put down around around 330-340+ & weight about 3400 lbs.
Add some simple suspension mods and you'll be whopping up on some M3's fairly easy.