You can count the number of elements of $S_n^m$ via a dynamic programming. Let $dp[n]$ be a number of permutations in $S_n^m$.
Let's look at the cycle $a_1 \to a_2 \to a_3 \to \dots a_s \to a_1$, where $a_1 =1 $, of a premutation in $S_n^m$. There are $(n-1)\cdot (n-2) \dots (n-s+1) = \frac{(n-1)!}{(n-s)!}$ ways to form this cycle and $dp[n-s]$ ways to form other cycles. So we have $$dp[n] = \sum_{s=m}^n \frac{(n-1)!}{(n-s)!} \cdot dp[n-s].$$
Once you have counted all $dp[n]$, you can enumerate all permutations in $S_n^m$ via the standart trick.
Let we want to find a permutation, corresponding to a number $M$. Again, let's concentrate on the cycle $a_1 \to a_2 \to a_3 \to \dots a_s \to a_1$, where $a_1 =1 $. Where are exactly $$f(t) = \sum_{s = 0}^t \frac{(n-1)!}{(n-s)!} \cdot dp[n-s] $$ permutations, for which $s$ is not less than $t$. So, we can find a number $t'$, such that $f(t') \le M < f(t'+1)$ and then conclude that for our permutation $s$ equals $t'$. Then let $M' = M - f(t')$, so we have to find the $M'$-th permutation with cycle $a_1 \to a_2 \to a_3 \to \dots a_s \to a_1$, where $a_1 =1 $. There are $dp[n-s]$ permutations with each of such cycle, so, in fact, we want to find a $M'' = \frac{M'}{dp[n-s]}$-th permutation in $S_{n-s}^m$ and $M''' = M' \mod dp[n-s]$-th cycle $a_1 \to a_2 \to a_3 \to \dots a_s \to a_1$ (here $a \mod b$ means the remainder when dividing $a$ by $b$). The first part can be done recursively, while the second part (enumerating the cycle) is trivial.
The asymptotics of this algorithm is $\mathcal O(n^2)$ if you precalc all factorials.
UPD: We can improve the asyptotics by noting that $$dp[n+1] = \sum_{s=m}^{n+1} \frac{n!}{(n + 1-s)!} \cdot dp[n + 1 -s] = \sum_{s=m-1}^{n} \frac{n!}{(n-s)!} \cdot dp[n -s] = \\
n \cdot \sum_{s=m}^{n} \frac{(n-1)!}{(n-s)!} \cdot dp[n -s] + \frac{n!}{(n+1-m)!}\cdot dp[n+1-m] =\\ n\cdot dp[n] + \frac{n!}{(n+1-m)!} \cdot dp[n+1-m] . $$
If we assume that multiplication can be done in $\mathcal O(1)$ time, then assymptotics to calculate all $dp[i]$ becames only $\mathcal O(n)$.
The assymptotics of finding $I$-th permutation in $S_n^m$ can be also slightly improved: we can find $t'$ by binary search and then asymptotics becames only $\mathcal O(n\log n)$. Moreover, if we notice that throughout our algoritm $M$ only decreases, so $t'$ also decreases and thus we can achieve the overall asymptotics $\mathcal O(n)$.
But this works only if we assume that we can multiply any two numbers in $\mathcal O(1)$ time (for example if we know that $I$ is bounded by some not so big value). Unfortunately, in general case, we need time $O(\log A + \log B)$ to calculate the value of $A\cdot B$. So, the asymptotics of this algorithm is $\mathcal O(n\log n \cdot \log(n!)) = \mathcal O(n^2\log^2n)$.