Hi Sterb,
To the M5 steering. The E28M5 used both a different steering-box (shorter ratio) as well as a different servo-pump which has a 10Bar (or was it 20 ?) higher pressure to compensate a bit for the heavier steering. Not talking about worlds of differ here though and a normal servo-pump should do the trick as well as I heard from a very knowledgeable E28 guy. Uncertain about differs in hoses, maybe, you'd need to verify on the EPC. Shouldn't be normally. The part-nr's for the revision-set were the same for the M5 and other E28 servo-pump AFAIR.
To the Aircon. Yep, mine still has an R12 sticker on it (condenser) as well and is empty. Have an overhaul of that in my queue for a later point-in-time. In case of condensor-failure, I got lucky and have a spare Alpina-one from Ebay a while ago, just in case...

The dryer should be the same from what I saw so far as on other E28's and got a new one as well. The B7 Alpina EPC is showing a whole list of other Alpina-specific partnr's here, what I'd be most interested in is to find out what kind of compressor Alpina used for this, their part-nr.: 64 50 620.
I'm no aircon-expert, but from what I recall to have picked up in time is that I'd/you'd have 2 options (outside of illegal R12 fillings

):
1. To have the system checked and filled-up with a more modern R12 replacement-gas which does not require modifications to the existing system (expensive/uncommon from what I heard) or
2. Convert the system to the R134a and fill it up with that. The latter sounds most interesting. AFAIR, outside of suiteable oil filling one would need some gaskets replaced on the compressor and by the dryer (or new dryer) plus ideally the newer type valves/connections for R134a fillings.
Would need to dig into the whole story again about the conversions, time's lacked for that so far but would be interested to hear other's findings !