I'd check the 3 and 5 series forums before going to the dealership since it's the same motor and I'm sure they've already come across this problem before. Bimmerforums, bimmerfest, 5driver, e90post, roadfly, e46 fanatics, etc.
I also found this using my web browsers search - http://repairpal.com/OBD-Code-P0171-and-P0174
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650hp 10 X5///M - Stage 2, Vibrant 1794's , gutted cats, custom intake, AC Forged 22's 325hp 98 BMW 740iL - ///M5 6spd, www.bavengine.com w/ Performance Option, electric fan, CF intake tube w/ heatshield, Mag 14816 w/ notched bumper, Bilstein/H&R Stage II/Powerflex 600+hp 02 Harley F150 - MHP900 Stage 3 engine, KB2.3, 8# lower, 60# inj, Walbro FP's
135hp 01 TL1000R - M4 full exhaust, K&N, Yosh box, -1/+2 gears, 2CT's
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