u might be able to do it.
however iirc the e46 has a 2 stage bag
and the e34 sensors/triggers are setup for
a 1 stage.... in *theory* u could make it work,
but i wouldn't even bother as there is a ton of
stuff that u might not be taking into account...
the angle of the bag deployment, the size of the bag,
etc etc we have no idea about any of this, so u may
be making the car more dangeous...
that is why it is illegal (federal law) to tamper with an oem
airbag system