Opinions on purchase: 4.6is

[Ispeed]

I have the opportunity to buy a 4.6is from a mechanic who picked it up at auction and breathed some new life into it:
113k miles, got the full timing chain and guide job as well as new vc gaskets, radiator water pump, hoses, and some other new gaskets and parts. Fresh brakes and tires. Engine is clean, dry and runs well. No idea on transmission except that it ran well enough on a 20 minute test drive.
I have a 2001 525it wagon that leaves me wanting the sound and grunt of a v8 again. I have had an e38 740i, e39 540it, e34 540i/6 and other V8 cars in the past. The 525it gets the job done at 23-25mpg combined driving, and I am just dreading the tough mpg of the 4.6 (balanced out by v8 goodness) and the fear of doing a tranny rebuild on the 4.6 at some point.
It's imola on red/black interior (love that), needs some cosmetics but not too bad. Clean title.
It's $10k which makes me want it, it's a lot of machine for that $$$.
Any comments on value etc?
Thanks.