Ouch indeed.

OFHG and valve cover gasket can be done for less than $100.00 in parts and a day's work (if you've never done them before). Buy a used airbag and clock spring for cheap. The only thing on the list that isn't crazy (IMO) is the brake fluid flush. I use BMW to do my fluid flushes because it beats spending 2 hours in the garage at the pedals (I don't have a pressure bleeder) and the calipers.

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2005 X5 4.4i Build 04/05 Maintenance/Build Log
Nav, Pano, Sport (Purchased 06/14 w/ 109,000 miles) (Sold 8/15 w/121,000 miles)

2006 X5 4.8is Build 11/05 Maintenance/Build Log
Nav, DSP, Pano, Running Boards, OEM Tow Hitch, Cold Weather Pckg (Purchased 08/15 w/ 90,500 miles)

2010 X5 35d Build 02/10
Nav, HiFi, 6 DVD, Sports Pckg, Cold Weather Pckg, HUD, CAS, Running Boards, Leather Dash, PDC, Pano (Purchased 03/17 w/ 136,120 miles)