Similar problems with the M60 in a 540 are usually intake gaskets. Gaskets shrink when cold, causing leaks, but as they warm expand and fix the leak. Sounds like that's the only thing you haven't tried, worth a shot.
I've got a cold start problem with my wife's 95 BMW 325i. It works fine in the summer, but cold weather causes the idle to surge. After the engine warms up it works fine. It was also working fine during the summer, but I had the same problem last winter. I've replaced the plugs, the idle control valve (ICV), the O2 sensor, the engine coolant temperature sensor, swapped out the Mass Air Flow Sensor, tested the throttle position sensor, cleaned the throttle body, checked for vacumm leaks. Any ideas?????????
Similar problems with the M60 in a 540 are usually intake gaskets. Gaskets shrink when cold, causing leaks, but as they warm expand and fix the leak. Sounds like that's the only thing you haven't tried, worth a shot.
Would a faulty air intake sensor or oil temperature sensor cause the idling problems?