P4SM2 Arrived!
Surprisingly the graphics card fits directly onto the P4SM2 and the motherboard without use of a pci-e extender, although the m.2 adapter can't be screwed down in place due to the rear USB/Ethernet port box thing being in the way. The slight lift of the p4sm2 doesn't seem to be putting much pressure on the M.2 slot though so it seems safe, as long as the card doesn't move around while in use.
Currently using an ATX power supply to power the GPU and I've had heaven benchmark running on it for about 15 minutes so it seems stable. Bandwidth is PCI-E Gen 3.0 4x which is good
Picture album:
(or click spoiler below to see full res pics)
EDIT: Tested and working with riser cable too. This riser isn't very flexible though