It's already there! At least, it is on the E39 with the high OBC and I vaguely recall it's on the E34 with the OBC. If the temperature gets too high (for some unspecified value of "too high") it bongs and puts COOLANTTEMPERATURE on the instrument cluster display.
Unfortunately, I suspect the message only appears at a temperature hotter than that required to turn an aluminium head into a puddle of dripping molten metal. I'm not about to test it.