Will 19x8.5 wheels with an et34 fit on an e36 m3? I am prepared to roll my fenders.

tires are 235/35/19

I don't see any reason why they wouldn't fit unless your car is completley slammed. Make sure to roll your fenders though.

The car will be dropped about 1-1.5 inch on ground control CO's. Yes, I will roll my fenders, but some people are having troubl fitting 8.5's with 225's after rolling, so I don't know.

34mm offset will push the wheel further out toward the lip so you may be safer with a 38, or 40 or 41 offset for a 8.5" wide wheel. You'll need to roll the fenders most likely but try them on the car first so you can see how everything fits up before you modify the lips...

ok, cool. what's the diff between rolling fenders and flaring fenders?

rolling is using a tool to pinch the lip, flaring is adding flares or pulling the lip out...pulling the lip can be done also before rolling it.

On my racecar we have cut the lip and had the lip tack welded, filled, sanded and repainted after it was pulled using a body shop that works on a lot of racecars and knows how to do this procedure really well.