I've been playing around with tire pressures too, since I have just started to track my car this year.
I found that the BMW recommended tires pressures for my car contribute alot to the understeer. I also have the factory M68's (still), 225f/245r, and the factory pressures were 32f/38r...
wellllllllll.... after I noticed the shoulders of my fronts and the center of my rears were wearing faster than the rest of the tire, I started to play with the pressures...
I finally settled on 35f/33r and now the car doesn't push through corners as much as it used to. (I also do what notE46 recommends- brake harder, sooner BEFORE the turn, and try to hold the turn just short of understeering)
The only mods I have done to the suspension (so far) is put some Bilstein PSS9's on. UUC sways are in the mail; when those are installed, I guess I will have to play some more with the pressures (next spring... when the track re-opens... if the weather's good... if I still remember how to get to the track...

)