Change your VCG's and get new coil boots.
High RPM issues are usually ignition related. Coil boots would cause that if they were in need of replacing.
High amount of white exhaust is also a symptom of bad coil boots. Bad boots cause poor combustion which sends raw gas out the exhaust. Raw gas hits the hot cats and burns causing excessive white smoke.
Not only is such a situation bad for your fuel economy, but it'll also kill your cats. Throw new coil boots in there before you need to replace cats, 'cause cats aren't cheap...
Cosmos Black/Black 1995 540iA M-Sport
BMW Individual Exclusive Edition, 1 of 65 total, 9/25/95 Build