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Something else to check before you remove the fan and belts, take a look and make sure your power steering fluid reservoir isn't empty.
I don't think its the chain guides as everyone who has had guides fail have never mentioned hearing a loud squeaky noise like you are having.
The diesel like noise I can hear in the background of your video is a combination of the VANOS and hydraulic lifters. They are annoying, mainly with the hood open, but not really an issue worth addressing. I'd update the VANOS if you ever decide to do the chain guides. It's worse on the M5 and also the newer X5's. The noise does (usually) get better after a fresh oil change but always comes back, doesn't get worse though.
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Olympic Peninsula, WA, USA
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2005 Mini Cooper 100k, British Racing Green/Silver-Black
04/2002 4.6is 140k, Silver/Black-Alcantara *FOR SALE*
1989 325iX 270k, Diamond Black/Black
1984 318i 370k *SOLD* (First Bimmer)
Honorable Mentions: '71 2002, '87 325, '90 325ic, '92 525it, '93 325i, '94 530i
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