The V8 uses Pentosin. The L6 uses ATF. At least my two 5 series are like that.
Without removing the engine, the only power steering hose you can remove is the supply line from the reservoir to the PS pump (I think). And even that is a mojor PITA. The top portion of that line is a rubber hose. It turns into a metal tubing about 1/2 of the way down.
If the deterioration is limited to the top portion of the rubber hose, cut it and reconnect to the PS reservoir.
'01 540it, 6/01
'03 325i 5 speed, 9/02
'10 535ix. 9/09
'10 mini 6 speed
'15 mini countryman 6 speed