I recently did the timing chain/guide swap on my 4.6is and had the same question. The short answer is that it won't come completely out without removing the A/C compressor.

If you have the lower timing cover off, you can strategically twist and pull the tube and get it out of the way without actually removing it. That's what I did.

You have to pull it out of the upper oil pan, then twist it to swivel away from the engine. Then you have plenty of room to work.

Note: Order a new O-Ring for the bottom of the tube where it enters the oil pan. Mine leaked like a mofo after putting it back together. I ended up needing a new O-Ring and a big glob of RTV to seal it.

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2002 X5 4.6is - Imola Red/Black (Sold)
2001 740i M Sport - Anthrazit Metallic/Black (Sold)
1998 M3/4/5 - Technoviolet/Dove (Sold)
2003 Z4 3.0i Sport - Sterlinggrau Metallic/Black (Sold)
2009 Mini JCW (The Wife's)
2015 i3 REx - Arravani Gray/Tera World (Daily Driver)