Success! I found an outlet for this tool. A company called MIStools:
MIS Tools - Home

While they do not currently produce this tool, they advertised a very similar tool for the E30/E36/Z3/E46 M3 on eBay.(these are on their web site.) When I enquired, Mr. Siddiqui assured me that they had made a tool for the X5 in the past and were thinking of bringing it to market. He agreed to machine one up for me. I will report back as soon as I try it out.

I'll have pricing for the factory ball joint tool when my guy gets back Monday.

Just bumped into this; tool rentals through Moosehead Engineering. Looks like the Sir Tools BMW3021 should do this job for you with the control arm on the car. Go figure.

The description doesn't specifically say it'll work on the X5, but I would be surprised if the diameter of the X5 bushing is different enough from the listed cars that it wouldn't work.

I looked into that tool, and I don't think it's the right dimension for the X5 bushing.

As an update, I just received the bushing tool from MIS Tools. Looks like it will work fine. I'll post a further update once the job is done. I am still waiting for the ball joints to show up to be able to do the job.

@ Skyline, would you be willing to Rent the tool out to members in this forum?

I'd prefer not at this point. There's definately a good amount of wear and tear on the threaded rod due to the force involved. The force to press this bushings out, and new ones in is huge,. (thiese things are pretty big). I had to run a die over the rod in-between sides. I need to get another piece of threaded rod before it can be used again. I used oil on the rod for the second one...but did not for the first; that might have been my problem. So while the machined parts of the tool look like they will last indefinately, the threaded rod may be good for only one pair.

But given the cost difference between a pair of arms with bushings in them, and just a new set of bushing, this tool will easily pay for itself the first time, and still save you $75 or so.

Here, Previous owner installed thrust arm bushings incorrectly - Bimmerfest - BMW Forums

Looks like that could work for pulling the bushing out.. Wonder how he pushed it back in

pushed it in the same way it was pushed out. The important step is to align it straight before applying force.

easy day