I did mine with the tool. All I can say is that you have to put one helluva squeeze on them to press them it. And don't try to cheat with soap or anything as they will slip back out. BWM specifically says to use water only.
Also, the top of the bushing is soft and it's possible to 'mushroom' it if you don't press it clean. Brett Anderson rents the tool you need, might be worth considering.
You can re-use the bolt no problems.
www.bmwe34.net has the procedure documented. Oh...is that my car on the site? Gee...I think it is.
Jeff
Bellevue WA
90 535iM - not much stock remains. 3.7 liters, ported head, cammed, 3.73 diffy, M5 brakes, MAFed, yadda yadda yadda
86 Porsche 951 - Track Toy