You don't need a camber kit to lower an E34. The only alignment that will (possibly) go out of spec is rear toe (and front toe, but that's easily adjustable).
At least, this is my personal experience with dropping my car 40mm. I've been up on a rack three times in the last year (heh - thank god they garaunteed their alignment) - each time I was withing spec all around - except the one time I had my gas tank completely full, where my rear toe was just outside of BMW's spec.