Well I just tackled this today, fairly easy and straight forward. Although I must admit I've done this job on an M54 several times and although they are very different engines they are both BMWs and BMW tends to do things very similarly across all their products. Once I had everything apart it seems as though in my case it was my valvetronic gasket that was leaking and not the valve cover gasket but of well.
Anyway... the eccentric sensor gasket in theory could be replaced without removing the valve cover but I would highly recommend against it. Mine had hardened with age and was a pain to get off and I liked having the ability to inspect that the new one was properly seated from both the outside and inside of the valve cover.
Good luck with the job, it really is easy... especially compared to what the 3 series and x3 guys have to go through. We have a tone of space in our engine compartments.
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