Ok, so I'm using my wheels as a reference point becuase I know they fit (bear with me here).
I plugged my specs vs OE wheels into the willtheyfit calculator.
My Rears (18 x 10J) poke out 18mm more than stock, and the inner face is 8mm closer to the strut, and they fit fine with minor rolling of the inner lip of the arch. So with the M2 Comp 19s, if you ran a 15mm spacer at the rear, you'd end up with similar overall offset to my rear setup - ie. inner face would then be 7.7mm closer to the strut, and wheel would 'poke' out of the arch 17.7mm more than before. So that should fit but I do think you'd probably need to just get the inner lip of the arch rolled so it's not a sharp edge.
Fronts I think may be the issue.....
My Fronts (10 x 8.5J) poke out 14mm more than stock wheels. The inner face is further away from the strut than stock too (by 0.7mm).
Currently on the road I get (with pretty firm coilovers) no contact between tyre and arch liner, however on track where corner loads are higher, I did notice a bit of rub I think, just behind that stupid fragile bumper clip that always breaks when you try and remove the bumper - so it looks like the tyre is contacting the arch liner a little there under heavy corner loads.
I am currently considering running 10mm spacers but have yet to take the plunge as I'm worried they wont fit, or will rub lots on track....
That being said, I do know in the US with the help of camber adjustable top mounts, and possibly modification/removal of the front arch liners, they do run 9.5j fronts on our cars... Pic below for proof! So it has to be possible, I guess it just boils down to how much you want to muck around modifying the car to make them fit?
One question from me - do you think the M2 Comp wheels will look good on the Z4 - with no dish at all? The offset numbers imply they'll be quite 'flat faced', which might not suit the Z4... Style is totally subjective I fully appreciate that, just a thought though!