here's a quick answer + some more things to look for. Offset depends on the width of the wheel- it's basically the distance from the wheel's centerline to the actual mounting hub (where the wheel seats on the rotor hub). I assume your 525iX wheels are probably 15 or 16"x7", the 54mm offset (vs 20mm on the stock 525i wheel) means that the wheel's mounting surface is 34mm farther away from the centerline of the 7" wheel. If you tried to fit 20mm offset 7" wide wheels with spacers, they would have the opposite effect than what you need. In other words, you could use a 54mm offset wheel on a standard E34 with a 34mm spacer (54mm-34mm= 20mm).
Sorry if this is confusing, it's a bit hard to explain, and can be even harder to grasp (especially with a crappy description!!!!!).
I would think you could get the bent/damaged wheel repaired for less $$ than a new wheel- where are you located?? (I'm assuming you are NOT in USA......) I know there are wheel repair specialists here that claim they can repair any alloy wheel for ~$100-150 or so.
Bret.