I agree with Avitt...
If you've got the wheels off, you might as well as change the lower & upper control arms, the sway bar links and the tie rods as well. Just make sure to preload the upper & lower arms before fully torqing them down or the bushings will shred (just drop the car's weight down on a jackstand, then torq down tight). You will need an alignment afterwards.
Use this link as a reference for parts: http://www.realoem.com/bmw/select.do
Order parts from www.Autohausaz.com or elsewhere for good pricing.
If you don't want to rebuild the front end, replacing the shocks/struts/springs is fairly easy and straighforward. Just be very careful with the spring compressor. Should take an 1-3 hours to do depending on your tools and skills.
I do most of the work on my E31, but I am lucky to be able to use my friend's shop & tools. If you don't do your own work, by all means find a nice mechanic that will allow you to bring in your own parts purchased from the web. You will save tons of $$$ and you will find it quite easy to maintain and even upgrade your 7-Series.
BTW, you have a lovely car... I miss my old 750.
Cheers