Besides the fuel pump working you also have to check the pressure and the flow.
The M30 fuel pump is originally Bosch
0 580 464 995
operating pressure is 3 bar
conveying capcity at 12 V 1.9 liter/minute
conveying capacity against counterpressure 875 ccm/30 seconds
Power consumption is 5A
The easiest way to test the 2 fuel pumps on my E32 750
without much work and disassembling: Open the hood, remove the cover from B+ post, use a piece of cable/wire and jumper from B+ for a brief time directly onto fuse 23 and then to 24. Ignition off when you do this. Before doing that squeeze the 2 fuel hoses coming up left hand side and do the same after you gave power to the fuses. The fuel pumps will prime for a moment then. As engine is off, one can easily hear each fuel pump when they start pumping, also the fuel hoses should then under pressure afterwards.
Check which fuse is that on your 535.
A cheap and dirty test is like this
http://bmwe32.masscom.net/sean750/fu...Regulators.htm
also check the fuel pressure regulator, pull off the vacuum hose from the FPR, if fuel drops out of the vacuum hose, the FPR is defective.