Good buy! Please please please do the cooling system before anything else (let alone driving it!) There's so much plastic in these systems, it gets brittle and shatters. A small leak can turn into an overheating engine very quickly, and that can quickly transpire into a big money repair. The valley pan cover is specific to V8 cars, the M54 doesn't have one.
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Originally Posted by JCL
I would have the crankcase ventilation system/oil separator checked and any hoses that are soft replaced.
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This. Get the updated/insulated parts and the new oil dipstick tube if they haven't been installed