Yes, both front fenders would be sitting on the tires if left overnight. Today the suspension is still up at pretty much full height. ~27.25" from the bottom wheel flange to the bottom of the fender. That's how BMW wants you to measure it when checking ride height. Works out to 692.15mm. BMW specs 708mm with the factory 20" wheel/tire combo. I'm guessing mine is a little off due to the aftermarket wheels and over sized tires.
TIS Ride Height Specs
So, in my case, replacing the valve must have helped, if not solved the issue. I disassembled my original valve unit that controlled the front air bags and it looks like the gasket that seals the body of the solenoid is flattened. So maybe a small amount of air was leaking out from between that gasket. I tried finding rebuild parts (o-rings, gaskets, etc) for the valves (3 of them on that unit) but Wabco does not sell individual parts. Only the entire valve. So I'm going to measure the o-rings and replace them and then seal the unit with gasket maker to keep it as a backup if I ever have problems with the valve I just put in.