Dom,
It's an investment to do it all at once which is why I go in phases. If I was you I would check the hoses closely for soft spots and also hard 'crunchy' spots where the hoses connect. Secondary inspection would be the hoses most difficult to get to, those were most likely never replaced and a good contender. You can get everything off ebay for cheap but keep good watch on feedback and where the hoses are made. 10 - 15 years ago we all went with original branded OEM stuff but the aftermarket has complied with tons of good replacemts at a fraction of the cost.
Also take note of your belts, cracking on the inside is normal and everyome will suggest replacing them. I have gone 100K plus on cracked serpentine belts but would suggest replacing them since they are cheap (Ebay as I mentioned). Again while there feel the idler and tensioner pullys for smooth bearing function, better to spend 10 bux now than 100+ at an emergency stop you get towed to.
While your in there try to flush the old coolant as good as possible and replace with cool blue (BMW or Volvo coolant) with distilled water.
Other than that it's basic sense, anything looking or feeling real old replace now. Questionable items purchase and keep in a box in the trunk. (plus tools) If you got it you wont need it.
95 E34 530I V2.37
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Those who make peaceful revolution impossible will make violent revolution inevitable.
John F. Kennedy