| Erm.... I don't know if it will make an 540 sit higher as they have the nice heavy V8 4.4 (In fact I'm sure it won't) but it would definetly make one of the I6's sit higher as they weigh less. But either way, please bear in mind that for a full set up you will need the dampers, bushes and sway bars also, to balance out the set and make her sit properly.
One of the problems with dropping an e39 is that they tend to sit awkwardly and scrub the inside shoulders of the tyres unless you change the bushes and swing arms (sorry sway arms in US speak). | 
