Wobbling sounds like you have control arm or bushing issues. Air ride can be recalibrated yourself or if you know someone with DIS. You can buy the software and cable yourself if you are IT inclined.

Even if your suspension airs out all the way, all you should experience is a very harsh and bumpy ride, however if the road is flat it will not cause any wobbling as you say.

If the dealer doesnt know what they are doing find a competent independent shop near you and go there.

You can do a quick check for play by jacking the car up on one side (leave other side tires on ground), grab front or rear wheel in 12 and 6 oclock positions and try to shimmy it- should have no play, then do a 3-9oclock position shimmy and should not have play as well.

If your front wheel has 3-9oclock position shimmy thats whats causing wobbling or vibrations. Most likely bad Lower control arm balljoint.

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2006 X5 4.8is Fully Loaded