So, I just took a chance on a MemoScan B200 SRS/Airbag scan & reset tool off eBay. It was shipped from Beijing China from eBay seller "sun_mingshan". It was only $78.98 with shipping. The Peake brand scan tool is about $129.
Anyhow, I just got it after about 9 days, and tried it out. It seemed to work perfectly! I used the Peake tool many years ago, and this seemed to be nearly the same system. I came up with a code for a driver's side seat belt buckle switch.
The tool itself has an OBDII type plug at the end and also comes with an adapter to use with the round E36 connector. There also is a nylon pouch and instruction manual.
Just thought you guys would like to know a cheaper option over the Peake tool for your E36 airbag light.
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