S54 Engine Valve Adjustments
The S54B32 Engine uses a solid valve lifter system.  At certain times in the S54's life,  the lifters will need an adjustment.
The dealer will charge you upwards of $1600.00 to perform this maintenance.
 
The following links are how to do a valve adjustment on the S54.  They were developed on E46 M3 but will work fine for the Z4M.  Just disregard the trim removal that is required for the M3. 

These files are in PDF format....

Shim Sizes and Part Numbers
as of 4/20/2011


1.72 MM = 2411347832270
1.76 MM = 2411347832271
1.80 MM = 2411347832272
1.84 MM = 2411347832273
1.88 MM = 2411347832274
1.92 MM = 2411347832275
1.96 MM = 2411347832276
2.00 MM = 2411347832277
2.04 MM = 2411347832278
2.08 MM = 2411347832279
2.12 MM = 2411347832280
2.16 MM = 2411347832281
2.20 MM = 2411347832282
2.24 MM = 2411347832283
2.28 MM = 2411347832284
2.32 MM = 2411347832285
2.36 MM = 2411347832286
2.40 MM = 2411347832287
2.44 MM = 2411347832288
2.48 MM = 2411347832289
2.52 MM = 2411347832290
2.56 MM = 2411347833570
2.60 MM = 2411347833571