Thanks for the info. I'll probably pass on the $700 tool; yikes!
This thread covers a similar bearing R&R on an e39; he used an angle grinder to cut a couple of slots in the old race so that a bearing splitter could be fitted on it, then used a gear puller to get the race off the hub.
I had similar problems getting the inner race off the spindle when I changed out the front bearing on my e32; wish I'd known about that trick two years ago!
There are some good ideas in that thread for getting the job done with minimal hassle, but I know it's not going to be a walk in the park.
I'm going to go ahead & order parts for this job, and just do all four bearings. The maintenance records don't show that it's been done before (in 155,000 miles), and if one is rumbling now, it's probably just a matter of time before the others start in.
2 33411095238 Rear Wheel Bearing
8 33406765432 Torx Screw
2 31226783913 Front Wheel Bearing
2 31206751740 Dust Protection Cover
4 33411133785 Collar Nut
4 34211161806 Inner Hex Bolt
I'll do my best to photograph the ordeal & put together a thread on the job when I'm done.