You two must be great friends to have to lend a car that you have put so much work into to friends. That's really nice of you.
My second car was an '82 320i, and it was the first car that I drove from Berkeley to Atlanta. With no a/c, it was quite an adventure, but I will always remember how the car ushered me from the west coast to the deep south without a hiccup... Well, except for an unpredictable starter that kept me popping the clutch every time I stopped for gas!
Your car looks great. I can't wait to see it when you put the springs and wheels on it. Keep us posted!