The E34 wasn`t designed for one, and there is very little room between the engine and cover.
This was a recent post. I do not think you will find one that does not require a chunk being cut out of the insulation. This guy Ian will hopefully read this and reply to you, maybe with a picture of his, and what he did about the rubbing.
I don`t know how to point to another post, so here`s a cut`n`paste transcript of the article.
"I know from a previous thread that there are very few manufacturers of a front strut brace to fit the E34 M5. If anyone is interested I have just bought one from Kelleners (
www.kelleners-sport.com). It arrived last week and I fitted it over the weekend and was pleasantly surprised by how much difference it made to high speed cornering. The item is clearly designed for the M5 and is assymetrically shaped to fit perfectly around the engine but not impact on the underside of the bonnet (no mean feat as there ain't much room!)
I can recommend this for DEM350 (~£110) inc tax and postage. Hope this info is useful to someone - hope to post a pic on the Owners page in the next week or so."
"Good questions, I know my car feels better but I'm not too good at describing how that change feels but this is my impression (I'm sure someone else can explain the science and why it works!)
The front end feels more solid, especially if cornering on a bumpy surface. The response feels sharper, I assume because you no longer have to allow for the slight body flexion before the steering really starts to work.
Also there is increased bite and grip, presumably because the tyre contact patch is more constant.
Whilst it doesn't eliminate the points you raise my impression is that it certainly helps.
I have noticed after a couple of weeks some very slight rubbing but this is only on the sound insulation on the underside of the bonnet and then only in the areas that are raised (and as they only have air behind them I don't see this as a problem, it comes nowhere near the actual bonnet itself).
Hope this helps, maybe others can explain it better.
Certainly worth the £100 in my opinion- if you get one I'd be grateful if you could mention my name (no direct connection to the company but looking to get some more work done next year!)
Regards
__________________
Ian
94 M5 Touring, 6speed etc
K&N filter, Kelleners front strut brace.
Kelleners exhaust, ECU and UUC shortshift to follow !"