I know your dilemma. I bought an 05 3.0 fully loaded except for sports package and cold weather packages. Like you, I brought both kids home in that car and was very attached, thinking I'd never sell it.. I'm the original owner, others will not be in this condition. etc.
I came across a deal I could not pass up on an 03 4.4 fully loaded. At first I said to myself I'm going to keep both and talked my wife into keeping both the 3.0 and the 4.4. After starting to drive the 4.4 more regularly, I really lost interest in the 3.0's performance. You don't realize just how much it lacks compared to a V8. Now you're going a step above the 4.4 to a 4.8... I can only imagine the joy of that!
If I were in your shoes, and I think I kind of am, I'd dump the 3.0. I am now doing the just that with mine. I have lost total interest in the 3.0. The more I drive the V8, the more I love it and I think at the end of the day, it's about loving what you drive.
Keep in mind though… you don’t want to trade to a V8 and it be a piece of junk. Get it checked out in and out if you already have not done so to see what expenses you are facing. If they’re both equal or the V8 is better… let the 3.0 go to someone who will enjoy and cherish it as you do the 4.8si.
Good Luck!
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Say what you will, nothing drives like a BMW.

2003 X5 E53 4.4
2001 740iL Sport
1990 325i E30 - Restored/Restoring
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