I don't think it is a good idea to put unsupported hardware. You will loose dealer update because the code of M5 LCI steering does not exist for your M550 build.

Your only hope would be to VO code the M5 steering (and remove current steering wheel code) and update all modules by yourself.

You can retrofit heating because code 248 exists in your build, but not sure about LCI functions.

If another hardware is needed to make LED word (for example Drive Assistant Pro), it is normal you cannot do it.

 

I don't think it's such a good idea to replace original with a different steering wheel - it has a ton of electronics in it. Plus the M steering doesn't look that different from the one in a M550i. Not worth bricking some functions, IMO.

 

This looks way better, but you lose the heated wheel function:

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Did you add an ///M5 badge to the trunk as well?

Every time I looked at the wheel and those pretty but non-functional M buttons, I'd be reminded of the fact I did NOT have an ///M5. How do you know if the airbag works?