M5 we took out the front/bottom.
We used a hydraulic lift table to ser it on from below and rolled it out. I don't think the e53 can open up at the bottom like this but you can leave the wheels on and as planned roll it out once you chainfall hoist up the motor.
I'm planning to do a 1999 v70 motor swap at my friend's house and am planning to do exactly like you: lift motor, roll car out.
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