Had this exact same problem with my 98 740il. After ruling out drive shaft problems and heat shield vibrations, and after calling Jaggi Import Export and talking to Kirt Koeller, I had my transmission serviced by my indy. I used the correct filter and fluid and followed the exact procedure as instructed by both the above trany specialists. The noise/vibration was 90% gone immediately and within several weeks was completely gone. I had no shifting problems at any time.
This was done at 135000 miles. Service your trany.