Piston Slap: Need a "Hans and Franz" ABS Workout?

Craig writes:

Sajeev,

Some time ago I purchased a 1995 (E36) BMW M3 as a project car. Mostly I have limited myself to bringing the maintenance up to date. I have a more than averagely equipped workshop and can find my way around a car pretty well (I have even built my own Brunton SuperStalker) One problem that has eluded me from day 1 is an intermittent ABS light.

Should I just ditch the ABS forever or is there a way to trouble shoot these things without Hans and Franz at the stealership taking me for a ride?

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