I understood the 5.0 V8 in the E39 M5 to be a completely different engine to the 4.4, even though it is a BMW unit.
In the same fashion the E46 BMW M3 engine is a totally different unit to anything in the 3 series range.
Doubt it would work well as the Range Rover's engines have always been developed with the vehicles specific dynamics, weight and off road ability. The 5.0 will not like being put at 45 degrees and starved of oil for example.
From my personal experience of owning an M5, the problems associated with such a sensitive engine and management system, its not worth the hassle, buy a Supercharged instead. Discovery 4 HSE
1998 110 TUM HS FFR Hard Top XD WOLF
1982 Series 3 Hard Top
*Gone:L462 D5 HSE LUX, L663 Defender 110 HSE, Discovery 3 HSE, 2014MY Range Rover Sport 5.0 Supercharged AB Dynamic; L405 Exec Vogue SE 4.4, 5.0 Supercharged Autobiography, Defender TDCi XS CSW, Defender TD5 HT, Vogue SE TDV8, Vogue TD6, RRSport SC 4.2V8, Classic 3.9 Vogue Auto, Land Rover Series 3 SWB
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