This is my write-up
Go through that carefully, written for 98 528i. So for your 2000 528i, the only difference is the thermostat housing which itself contains the thermostat (electrically controlled).
Otherwise straightforward:
http://bimmerboard.com/forums/posts/199986/
By the time you need a thermostat (I assume you have at least 80-100K), then time to do the cooling system overhaul (see the write-up), other parts will soon follow:
-Radiator
-Belts
-Tensioners
-Fan Clutch
-Fan Blades etc and etc.
Do the complete overhaul now and you will save time later to do bits and pieces.
Total cost for parts about $550. Labor was mine
Good Luck!
HTH
cn90
98 528i