The E30 (driven a 323i manual and 325i auto) isn't too bad a car, one big failing imo (and in comparison to the mk1 MR2) is the almost complete lack of steering feel, there are various things which apparantly make it better (namely Z3 or E36 M3 Steering rack and/or running with no PAS pump, either 'dry' or with some oil/fluid)
In general terms though I'd still go with the mr2, it's lighter for one thing, and (again, imo) is a far more fun car. Limits wise the e30 seems to grip really well until it steps out nicely, not bad but semi-dull (more feedback from the steering could make this a million times better). On the other hand the mr2 has less overall grip, but ultimately very similar limits, does have a tendency to understeer first (whiteline arb's apparantly 'fix' this) but you can move the balance of the car and get it oversteering, or back to neutral, as/if you want, if that makes sense.
Basically what I'm trying to say is, if the choice was E30 or Mk1 MR2, I'd go Mk1 MR2 anyday, purely as I believe it's the more fun car, lap time wise I think it'd probably be close, maybe even edging in the E30's direction (stock 325 Vs mr2 the 325 has a decent power advantage with not a huge amount more weight), but for fun the MR2 has it.
On a kinda related note, that's why I'd go for E30/Mk1 MR2/MX-5 (or maybe another rwd car, but notable rwd), as Dr Who has said and shown, a FWD car isn't slow, but imo rwd is simply more fun, and for trackdays that's what I'd go for...
EDIT:
On Donington, I believe it's currently unusable, and with DVLL going into administration I'm not sure when (if ever

) it'll be fixed...