drilling the airbox is NOT tuning your car - it does little if anything to aid performance.
It just makes induction more audible.
A new air filter is a start but,
would only really be 'performace' if you added a long branch exhaust.
New longer duration cams would be a waste of time - unless you have ported and flowed your head.
Remember:
It's all about getting the fuel and air mixture in and out as quickly and as un obstructed as possible.
If you're feeling flush - why not change the bottom end for a 2litre item
Then to complete the package why not fit a new Management system (Emerald are good) and maybe a quaife box with LSD (assuming you've uprated your suspension).
You can forget all about your 3series chugger after that