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I took it up to the tire installer, and it appears that they see a "hop" in the tire while on the balancer. Even though the wheel and tire are actually "balanced", you'd still be able to feel it. These are new tires, so they are torn between suggesting driving it around for a while to see if it will round out (maybe the tire was sitting compressed for a while?), and sending them back to the retailer. These were online tires, so I'm not keen on dismounting/remounting/shipping tires several times trying to fix this, so I'm not sure how to move forward.
They also see some small issues with the wheel, and suggested that a wheel refinisher check that they are round and true.
06 E60 BSM SMG M5