I am Teh Edumacator.
Join Date: May 2005
Location: ATL, London, and Barcelona
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Just check the oil and add as needed. Some of these cars do have a reputation for burning oil, but it is a car-to-car thing. If yours doesn't, then great. None of my 3 bimmers have, and they've all been in your mileage range.
If you've always used synth, keep using it. Synth isn't mandatory on '98 cars, but lots of people run it. It does last longer--5K miles is like 3K miles with dinosaur oil.
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1999 E39 540i/6-VF Stage 1 S/C, Dinan exhaust, Dinan strut+shock braces, Dinan ltwt flywheel + clutch, Dinan Brembo BBK, Dinan monoball, H&R Springs, Koni Yellows, M5 sways, Dinan forged 18" wheels, &c.
1995 E38 740i. Highly modded. Faster than you.
Sold 2-28-07: 1997 E36 M3/4, 8-30-05 RIP 1997 528i
Lindsay fan club member.