Lucky you. You will need the E38 mounting brackets Everything fits with no problem. Of course you will have to buy the E38 rotors and pads.
The only problem with this is the brake pedal. I believe people who did this have a low brake pedal height and mushy feeling. I can't remember what was the solution to fix this problem. I think it was to use the master cylinder from E38 or larger one that fits on the E34.
Shogun would know about this.. check out his website. Bruno is supposed to have this on his website but he took it off.