If the engine and drive train are holding up, and all that's wrong is the suspension/steering, I'd go ahead and spend the bucks to fix it.
You'll be getting more car for the bucks even if you don't lower the front end and only replace the struts with Bilstein HDs. Do the steering, centerlink etc. If you do the work yourself, you'll save a pile of bucks and you can pickup all the tricky stuff off of this board. If you can find a local shop that will let you source your own parts, order them from BMA and let them do the install.
Ramon
1994 540iA Nikasil EAT Chip
Tampa Bay, Florida USA