You can pull out all your spark plugs, easy thing to do, and then try to crank the engine with the fuel relays still plugged in. If your fuel system is working you will smell a very clear amount of fuel, cant miss it. But if you crank it and there are no smells of fuel, you know your not getting fuel in those cylinders. Also if your fuel pump isnt making sounds, then you probably found your problem. You can pull out the fuel pump and send power to it manually to test to see if it indeed it blown out.
Hope ya get it running, its a beautiful e34.
Greg Mannino
Car Audio.Video.Security.Navigation Guru
Electrical/Mechanical Specialist