I just got finished running the ODBWiz on my M5. So it was able to log a lot of info. I think if you knew the BMW specific ODB PID's you could monitor them and keep track of what they are doing.
The only problem with something like ignition timing, you may need to record a "good" car and compare readings?
Not sure how the BMW timing works with the VANOS, however, I had my M5 ignition timing going to -12 degrees under load. Seems a bit strange that it was going that negative?? Would not expect it to go below 0 degrees. I need to check my E46 330cic and compare behavior.