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I'm not sure on the offset of it, but I bought a 17" BMW spacesaver for using with my Z4 (same offsets on standard wheels as E46s). I've tried it on my e90 330i and it appears to fit fine. So I'd say (from my experience) that a 17" E46 spacesaver would fit - a 16" certainly wouldn't clear the brakes though.
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It's gone - no longer an e90 330i owner 
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