Thanks for the update! Even though I'm no longer driving an X5, the oil usage and cheese problem isn't limited to the M54B30. M54B25 in my e46 325i is showing cheese on the oil cap and uses (what I think is) way too much oil. I've been thinking of replacing the CCV on it, but may just do this mod instead. It's got to be less costly, and that's always a good thing.

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2001 X5 Sport 3.0/5-speed
1998 318ti/5-speed
1988 735i/5-speed
1984 528e/5-speed (soon to be M20B25-powered 525i!)