As it so happens, I had a bluetooth handsfree kit installed in my '99 528i last week. No they still don't make a BMW kit for it. See this thread: Thread on Bluetooth Install in my '99 528i
You won't be able to control it with the sterring wheel but insted you will have 2 small buttons you can mount where ever you want. Push one button and dial voice activated. Its appx $150 for the handsfree kist I got and it pairs up with almost all bluetooth phones.
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1999 528i 5 Speed, Sport Package, Confortti Software, Racing Dynamics Front Lip Spoiler and Rear Apron, Supersprint Muffler, Angel Eyes Upgrade.