Yes, you can install but do you want to have an odometer tamper dot illuminated? And unless you have access to aftermarket software/hardware...your LCM & IKE will not communicate with each other. Also, since the IKE (instrument cluster) is the main gate-keeper in the communication bus (everything runs to it or through it)...you may have some other issues for things that are coded incorrectly...or for what your 4.4 doesn't have that the 4.8is did.
Every one of the 6 data points listed below MUST be followed or adhered to in order for the IKE & LCM to communicate with each other. BMW software does not allow this to happen unless either component has been "zeroed" (as far as mileage). Thus only new or officially re-manufactured parts can be used.
Again, if you have the correct aftermarket software/hardware...you can "zero" the IKE or LCM which then allows you to rewrite the VIN and possibly get the 2 components to communicate. And if you want the extra stuff the 4.8is cluster has...you'll really have to search and be patient...most people fail at getting this "M" cluster to work in the models it wasn't designed for.