I have the same year BMW e34 but as a wagon. I've had good luck with Mobil 1 10W40HM in that car. Since BMW had spec'd 20W50 non-synthetic oil for that car, I too was hesitant about using a 30 weight oil. Here's an excerpt from my most recent UOA with M1 10W40HM:
209,600 miles on engine; 7,200 miles on the oil
Copper 10
Iron 13
Chromium 1
Aluminum 4
Lead 1
The oil had a trace of water, so no viscosity was given by Butler Labs.
Having said this, I haven't had any issues with using a 30 weight synthetic in my wife's '97 328i (similar but not identical engine with nearly 100K fewer miles).