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I remember my mate "Dave" had the problem on an old E36 BMW, he pulled the clocks out and bridged the ABS to the oil light which comes on for 5 secs when you first start the car.
Normally priced around £1500 for the box, prop, rear diff and shafts. It's pretty much fit and forget due to how strong they are, I'm sure I've read boys pushing 500-600bhp through them without problem.
No on the black lights from me. :)
http://bit.ly/1dfJJK9
Mine is 320ish and pulls very strong, although I can feel I'm at the very limit of the gearbox. It already shat one.
If I was keeping it, Brembo's and 6sp would be going on this year.