Yeah, I'd go all nannies off first. These cars aren't going to get away from you in my experience. I've driven a few cars that would love you send you into a wall if given the chance.
Second I'd lower the tire pressures some. On street tires you don't want to go really low but but 38 seems pretty high to me. I'm new to BMW's though, they might react differently. I used to run about 28-30psi at the drag strip in my C5 when on streets tires.
After that its all clutch work and launch. Not easy in the least bit.