OK, FWIW....for the next guy looking to do this DIY. I will be attempting it this week. I have found two good sources of info:

1) DIY for a 330i but very similar process for the E70 from what I can tell:
DIY: 2006 330i Water Pump and Thermostat Replacement - Bimmerfest - BMW Forums

2) Posting here about a user experience replacing the water pump on an E70
http://www.xoutpost.com/bmw-sav-foru...nt-loss-2.html

Once I am done I will update. I hope to have the parts tomorrow so....wish me luck.