Personally prior to spending money on modifications on a car around that age, I would start off ensuring all the service items are regularly replaced and then take it to a BMW dealership to have an engine diagnostics/test done. This way things that sometimes may not be so obvious (even to mechanics) like poor crankshaft sensors, failing air flow/mass metres, vanos units, 02 sensors, coils, plugs, injectors etc etc can be tested in great detail to see whats happening rather than a simple fault code read that you will get at an independant specialist place. The BMW dealership machines can see whats happening at various stages hence the greater detail rather than waiting until a part actually fails. This way anything that comes up, can be rectified getting the performance back to normal as a starting point for future modifications.
(I am only saying this as in my experience such items never get replaced etc and I had a 325i Sport years ago, that felt a bit slow. Turned out that the injectors needed to be stripped and cleaned this cost me £115. Lastly the Air Flow Metre was looking a bit worn so I had that changed and the cars performance and economy was restored
On my 328i I have changed the crankshaft sensor (£65 @ BMW), 2 x 02 sensors (£120) which made a hughe difference and now the Air Mass Metre is left to be done).
Personally I think 15bhp on a 320i is a tad optimistic from a chip alone. However, this depends on the chip manufcaturer that you go with as they all vary slightly. A chip coupled with an inducation kit and an exhaust should help though.