AIR FILTER HEAT SHIELD BMW E36 E46 318/323/325/328/330:eBay Motors (item 400084032253 end time Nov-14-09 17:06:40 PST)
Cheap, EASY, works great, Ive had one on my car for over a year.
I also have one on my girlfriends 2, it rubbed the bottom of the engine lid on my car, but not her's. Never hurt the paint on the engine lid.
You can paint stainless so you could easily change the color. I posted a thread on this before it really needs stickied or something.
Just go to eBay and type in "Air Filter Heat Shield" you'll find them, they are universal so dont worry about the make and model in the title.
Reference pic from before I installed this part....
