AP Racing in England now have a kit for the e39 M5's front brakes, retaining the standard wheels. It was not advertised on their web site when I checked just now.
You get 6 pot calipers, DOT5.1 fluid, braided lines to the calipers, pads, and 343mm x 32mm radially grooved, vented discs. These discs have the same diameter as the standard floaters, as the BMW wheels do not have much space on the inside: get roomier wheels and you could go to 362mm I think. The calipers are big, allowing the pads to be usefully bigger than standard.
The splash plate needs a bit of cutting on its trailing edge to allow the caliper bracket to fit, and I've bent the leading edge inwards to funnel more air from the venturi under the bumper in to the disc centre. Opening the proper cooling ducts will be a good idea too.
I've got Ferodo's new fast road pad (cannot remember number), which does work from cold, and there are other pads available. When I can test again, I'll report on the fade characterstic.
geoffrey