Well, you can go in blindfolded sans feeler gauges since the M50 uses hydraulic valve adjusters. If this M50 is attached to an e34, you might want to take that extra time to inspect your cooling system components as they seem to be the achiles heel of some vehicles (at least mine). Make certain your water pump has a metal impeller rather than plastic. Oh, just realized by your handle that it might be an e39, hope their cooling systems are more robust.
Good luck,
Dave M