You should be able to turn off the traction control for the DSC while leaving the vehicle stabilization turned on. If you just press the DSC button once quickly it will turn off traction control. If you press and hold the DSC button for about 3 seconds it will completely disable the system.

So it should still try and help you correct your rear end from coming around by applying brakes on individual wheels but not cut off your power. I know it was this way on a 6 series that I drove. I think it would be the same way one the M's. Also driving sideways is fun!