Make the throw-out clear the clutch for a test and see if the noise goes away. Then press the pedal and see if the noise comes back. Bearing change here we come...................

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Good - Fast - Cheap: Pick any two.
Current:
E23 735i; E30 318i; E32 735iL; E38 735iL; R50 Cooper; R55 Cooper Clubman.
Previous:
E21 318i; E32 735iL; E34 535i; E38 730iL; E53 4.4i