Not that hard to remove (speaking for an e32 735i), your e34 m60 automatic will be different. You'll need an open end flarenut wrench, probably 19 mm to remove them at the trans end but you might get lucky with a regular open end wrench or crescent wrench if they're not too tight. Take note of the o-rings down in the recess in the transmission case & replace them. The fittings don't have to be super tight when putting it back together, the o-ring will make the seal, just get them tight enough for them not to vibrate loose. You don't want to squish the new o-rings to oblivion. Ditto for the ones at the cooler end.
Follow the lines and remove any clips. Mine were attached to a bracket on the sub-frame near the steering box and perhaps another on the firewall, it's been a few years. I pulled them out from the front, one at a time, twisting as required to snake them out. Here's a diagram for your 530i:
It's going to be alot cheaper for you to take them to a farm or industrial equipment shop that does hydraulics, and have them swage new hose onto your existing metal lines vs. buying new lines. They'll have all the necessary crimps and rubber hose. Mine cost me $25 for the pair.