Slow progress, I hope to start the beast today or tomorrow.
Electrics are in place, for a proof-of-concept at least, but the oil light didn't turn off while cranking. Turns out that you can't use the E12 filter + support on the motronic engine, because the engine block has an extra channel in it, enabling the oil to go from engine carter to pump to filter and back to engine carter again when you use the E12 filter

You live, you learn.
Got all kinds of other small problems as well, that we've sorted out. Mainly, missing bearing on engine side for the manual gear box axle (engine was from an auto car). Wrong gear box support, apparently 5 speed have different supports, or at least some of them. No nipple on the intake for brake vacuum (apparently a 1987 E32 735i has a hydraulic brake booster!), and not even some stud on the intake where it was supposed to be. Solved it by using the vacuum connection for the carbon canister. I just hope that it will be sufficient, wouldn't like to run out of air while pumping the brakes.
Oh, I'm converting from carbs to injection. Where should I place the fuel pump? Right now I just mounted it somewhere in the engine bay, but I guess that it should be under the car somewhere?
When I have the oil pressure problem sorted, I can finally start the engine. And then I have yet to make the throttle linkage and finalize electrics.