Possibly, if your turbonetics pos doesn't start leaking oil and die within the first 6 months. This happened to 2 of my friends which since then have gone precision SC61. Anyways it depends on how much boost, you are going to run what kind of tune you have etc etc.

I used to have a 00 ex civic coupe with the apexi kit and i could beat most E36 m3's on 8 psi. Then i upgraded to precision SC50 and it takes a lot of work to make it run right. I have since then taken a step up and i bought a 97 M3 sedan. Also what mods does the M3 have, they can run anywhere from high 13's-14.2 stock and with a few boltons mid to solid high 13's.

Just make sure he doesn't have an AA turbo kit or dinan SC or else you can keep on dreaming. The great thing is, no matter how much power you make he'll still ape rape you in the twisties and at the end of the day has the satisfaction that he drives a M3 that's what sold me on the car at least.

Also, modding your car just so you can beat your friends car is retarded. You should figure out what your goals/budget/plans are to do a FI setup not just say, hey i wanna spend all this time and money just to beat this guy. Remember, there is always gonna be someone that is faster than you no matter what you drive so make sure you're happy with the setup without considering other people.