I have looked into many upgrades for power and the only real useful one is the remapped ecu chip these are done by people like AC Schnitzer, Alpina, Dinan, EAT etc.
As far as i know there is no such thing as an M-Tech power upgrade because the guys at BMW Motorsport made the M5 for that very reason its running either a 3.6 or 3.8 litre engine which could be whats installed in your car but I wouldnt expect this to be the case as its more than just the suspension you would have to have changed to accomodate the engine/gearbox. All the linkage, front and back along with ECU and wiring as well as many other aspects and you would be able to tell this by the big M Power on the engine.
The best way to check what the bhp and torque are would be to go to a rolling road station and have it tested over an average of 3 runs, this will then tell you exactly what the power is.
One other thing to note is that its only the US models that are limited all other country models are the same spec be they 535i/535i SE/535i Sport. Another thing to note is that the driver of the car is a big factor, If you are half way decent you can beat most other cars that seem they should be better. The only way to test is to drive all the cars in question that gives an even idea based on same skill level of driving.
Here are the details from the owners handbook for the 535i
Displacement: 3430
Cylinders: 6
Max output: 155 kW/211 bhp @1/min 5700
Max torque: 305 Nm/225 lb.ft @ 1/min 4000
Compression ratio: 9.0:1
Weight unladen: 1525 kg/3362 lb Manual 1545 kg/3406 lb Auto
Top speed: 146 mph Manual 144 mph Auto
0-31 mph = 2.5s
0-50 mph = 5.3s
0-62 mph = 7.7s manual 8.8s Auto
0-75 mph = 10.9s
50-70 mph 8.9s
standing start kilometre 28.5 Manual 29.4 Auto
Theres loads of other figures but they dont seem relevant for what you wanted to know. As much as these are from BMW they are not definitive and as such different air filters (K&N or other), Tyres and conditions can change these up or down.
hope that helps
Russ