Completed my change this weekend and it was very easy but I had a hell of a time getting the drain bolt out. There simply was not enough clearance between that bolt and my exhaust to fit my 14mm socket plus the wrench. The socket I have was just way too long. Ended up going to the hardware store and found a 14mm nut there that was about 2" long. I was able to insert that into the drain plug and put a 6 point box wrench on the other end and twist the plug off. Put the new one on as well, but obviously I couldn't torque to spec.
Apparently this is an issue for a lot of BMW owners and there are specialized stubby 14mm hex sockets for this application. I found one here and placed an order:
http://www.bimmertools.com/Perfect-f...mstubby3-8.htm
Just a heads up for you guys. You might want to order one of these beforehand and save yourself some trouble. I'm surprised no one else has mentioned having the same problem.