Installing the M clusters into non M vehicles can be done, and done successfully with the lights working...but its not easy.
There's a forum member that does this conversion...his name is Blackknight 530i. See the link below which is a thread about the M5 cluster conversion. He'd be a person to seek out about this...and if you read through the multple page thread...no doubt you'll pick up even more info that intimates what it takes to get a full functioning M5 cluster to work in a non M BMW.
If you have the low cluster and low MID...installing a high cluster will take even more things to accomplish...you'll need a high MID or Nav to go with the M cluster (which is a high cluster)
Click this link to read about M5 cluster swap:
http://www.bimmerforums.com/forum/sh...he-old-threads)