Hmm...don't know the piston size of the top of my head. I think this is listed on BMW e34.net in the upgrades section. I recall a pretty good discussion on brake upgrade options.
That said, you can easily swap in brakes from the E34 M5. I have the 3.6L single piston fronts on mine and they just bolt in. To swap, you'll need the caliper, the carrier and M5 rotors. You can also put in the 850 4 pot brakes (also used on the 3.8L M5 I believe). They look really sweet....
Stock master cylinder works with all of these combinations. Stock brake lines work as well.