Finally got the car up on jack stands and tore out the rear suspension entirely:
The subframe isn't on the bench because, well, there is any room left in the shop anywhere. Trailing arm bushings looked OK, but the subframe bushings were completely useless. The inside part of the bushing completely separated, in fact, I had to pull it off the car separately after the subframe was removed.
Shocks seem to have some life in them, they must have been replaced at some point, hopefully can get a bit of money for them.
Started putting the new shock assemblies together when I discovered I completely forgot to order new bump stops. The existing ones are falling off:
This is the new H&R spring and Bilstein sport setup. The upper/lower spring pads were reusable, but I didn't know that until I took it apart. Not being very expensive, I used all new rubber on the new assemblies.
Also not shown are the rear brakes I found in the junkyard, the last piece of the brake setup. They are off of a 1994 540i - larger diameter vented rotors that just bolt up.
Once the rear is back on, I can get this car turned around to work on the front end. The shop is so small I pretty much have to work on the garage door side only. Someday...