One more thing - I noticed you have a 1999 (so do I) - that means you have a M62TU, NOT an M62 (which was 1996-1998 in the E39 540's). The difference is not only in the Bosch engine management system (totally different in the M62), but also in that 1999 was the first year far VANOS, and it was on the intake valves only. Because of that and the interrelationship to the VANOS, I don't knw how easily you can make a M62 work, unless you strip it down practically to the short block.
The only difference in the 540i and the 540iT is that the 540iT is the Touring model ("station wagon"); the engine mechanicals will be identical for same years (see M62/M62TU treatise above)...
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2006 Honda Odyssey EXL-RES
2006 Honda Accord V6 EX-L Sedan
1999 BMW 540i 6-Speed (Sold to M3UOND on 9/21/06)
1991 Honda Civic Si - Occasional Beater