John, the 99 M wheels will fit physically but its airbag cannot be used as thats dual stage firing compared to 540's single stage. Unless you wanted to use that like JonK did on his, without the airbag.

Mine was an E46 330i wheel but I re-used my original airbag. Looks slightly bigger with some polyurethene cutting inside the wheel base. Works for me with functional airbag. Does not look that great being a 4-spoke wheel but smaller diameter means it turns and feels great. Does the job for me.