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Bryan,
I'm in the midst of a similar job, and feel your anxiety (though mine is coming along, slowly but surely thanks to the help I get from members of this board).
Anyway, I would suggest looking at the airbox flapper valve which controls the intake air temperature to the engine. The tiny thermostatic actuator fails after a time and hot air goes into the engine. On mine, when I first got the car, this was causing knocking - it was very unnerving. The FAQ describes this in detail. Then again, I could be way off, but it's an easy thing to check.
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1991 740 automatic, sedan, B230F Burgundy/Tan Leather
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