If it has not been done then you should do the cooling system: water pump, thermostat, hoses and coolant. Don't forget the overflow or expansion tank. Not sure there are any Z4 specific write ups but the n52 was used widely on 3series , 5series etc. I did it all on my Z4 at 78-80k miles since I was daily driving it. Parts are expensive but it was easy. Replace the belts and tensioner pulleys as well. Cheap compared to inconvenient failures. I found all kinds of DIY online.
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