Did it yesterday, using these instructions. It's really a pretty simple, though time-consuming, procedure (assuming you've got all the right tools, of course).
I used MaxLife after satisfying myself that Valvoline more or less guaranteed compatibility.
Note: Maxlife is a full synthetic just like several other aftermarket options.
2002 530i | Black/sand | Rondell Style 81s: 18x8.5 Front 18x10 Rear | Koni FSD | Eibach Pro-Kit | Zimmerman X-Drilled Rotors | Axxis Deluxe+ Brake Pads | StopTech SS Brake Lines | 50w 6000k Xenon Lows/LED Fogs/Phillips Luxeon LED DRLs | Angel i Brights v3.0 | Solaris Invisibulbs | Shadowline Trim | ///M5 Trunk Lip Spoiler | 35% Madico Tint | Dynavin D99+ ///M3Evolution | Backup camera | Intake Muffler, Front Plate, Badge & Cup/Coinholder Delete | Klasse AIO+SG