Air/Oil Separator Valve on an M60...Major PITA?!

[Gearhead]

I'm working with a local BMW independant shop on advice and parts at thier cost (it's amazing what some delivered donuts and beer will get you). Anyway, I've been puffing oil smoke intermittently, using more oil than normal and my CEL keeps popping up with O2 sensor codes even though I just replaced both sensors. My buddy George tells me this is most likely the air/oil separator PCV valve thing. That his 7-series was doing the same thing and that was the fix.

Not wanting to press my luck too much, I started searching around realoem and came up with this http://www.realoem.com/bmw/showparts...91&hg=11&fg=15 See #1

In typical fashion, this can't just be under the intake manifold. Nope, it's under the driver's side timing chain cover. There, under the larger cam gear... http://zwilliams.smugmug.com/photos/99277687-M.jpg

Have any of you replaced this? If so, what am I facing here? Any help is greatly appreciated!

Oh, and maybe I'll FedEX you some donuts too...

John