most likely the valve cover gasket is your problem. common issue for v8. it's pretty time consuming job on V8 engine due to confined space. based on the area you listed, you can pay a visit to sean's shop(eurosport in westfield). he was former jmk bmw tech. check this link. BMW Repair by Eurosport of Westfield in Westfield, NJ | Bimmershops.com

I haven't had any works done there but I talked to him couple times. he knows his stuff. I also heard good thing about bimmerclinics but they're a bit further(elizabeth) than where you're.

if you want diy, I can probably lend you a hand if I have time.