I'm going to ask a really stupid question. You may have already answered this in an earlier post and I just missed it.
If the transmission came out of a 540, and the 540 uses the same engine as the X5, why aren't you able to use the shifter arm and selector rod from a 540? What's different between the 540 and X5 that's forcing you to fabricate these parts?
Oh, and don't forget to put MTL in the transmission before you start it up!