BMP sells similar looking polyurethane boots that I've used on lower control arms and tie rod ends on my E28. I suspect they'll work on an E34 also. They don't need the locking ring like the factory boot and seem to make a good weather tight seal. I think you'll find that when you tighten the nut on the ball joint stud shown in the photo, the boot will be forced over the ball joint and will form a tight seal
Paul Shovestul