ok dude.. i have the same exact car, same exact mileage, same exact everything.. except its black on black.. make sure that things such as bushings, control arms, joints, exhaust, are ok.. if they have never been replaced, they are most likely bad.
make sure there is no 'wiggling' or 'shimmy' in the steering wheel especially between 50-60mph.. u can fix those of course after, but it all depends on whether u have time or not.. check and make sure the heater core is ok.. its a $700 job, or if u do it yourself like i did, its about a full days worth of work.. a great site for DIY jobs is roafly.org bmw forums.. those guys seem to know the E34's in and out.. great stuff.
also, check your hoses, rad, and heater vavles, aux water pump.. oh, ask them when the water pump was changed, and if not, you will want to change it soon.. same about thermostat and timing belt. if the timing belt goes, so does the engine. there are lots of little things that will go bad over the miles, but if you do things yourself and are somewhat mechanically inclined, its all good.. but yes, make sure you get a history report and service records if possible.. I never did get them with mine, but its a risk you take, and it can get pricey and be a pain in the ass..
but overall all i can say is that its a great car.. take care of it, and make sure that it was taken care of before.. You will fall in love with it! if not, get the new m5