I've got a 95 530, it doesn't have the best low end, but if you keep it in the right gears around town its a fun car!
In retrospect, the 2mpg I was trying to save by getting the 530 isn't worth the few horses... I'd go the 540 route... something else to consider, the 535 is easily chippable with and EAT, and that will boost it up easily past the 530 (performance wise)
more folks on the board have 535s so all of your problems are more easily answered, not that us m60 engine owners can't answer, but there are just fewer of us.
Former: 95-530iM
Current: 99 GMC Seirra 1500