Retaining Functionality with an M3 Wheel

I have a 2006 3.0i (N52), if I get an E46 wheel with paddle shifters, will it retain the shifting functionality? I don't care about the multi function as much. All I want is a thick M style wheel with push pull style paddles, and want the cheapest way to do it. Thanks!
 
Do you definitely have the 3.0i not the 3.0si? The N52B30 is the 3.0si engine, whereas the 3.0i engine is the M54....

Wont affect your query, but worth knowing for future! :)
 
First off the 06-08 3.0i has the N52 not the M54. And I meant pull-pull, I currently have the push pull which I don't like.
 
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