The concept is to use a hydraulic press to remove and install the bushings. I'm sure the company that produce the tool will also have a tool that will work on an E53. The hydraulic power unit is universal, only the plates and cup maybe different.

The following wiki on the BMW E53 mention that the X5 share it's underpinning with the 5 series BMW.
http://en.wikipedia.org/wiki/BMW_X5

If I found a video in which an E53 was used I would have posted that link.