Once again, thanks all for all your kind comments.
AWEM - the sump is already on the car - I hear you about the anodising, but it won't happen just yet. I may be able to do it next winter, but I will have to contract it out, I think the surface area/current requirements will far exceed anything I can muster.
Stuart - currently getting around 450bhp, but we've done all but no tuning work. The main mods are: Remove the VANOS & turn the cams up to 11. Replace BMW ECU with a DTA device. We're running a proprietary ignition/fuel map, the guy who did the work has locked the ECU down, but the kind chaps at DTA have furnished us with the "back door" entry code

so we might be tempted to experiment later in the year. Other than that & the dry sump setup, the engine is stock. Next tuning mod is high performance cams (they will allow up to around 600bhp), then it starts getting a bit pricey.
Phil - I'd hoped to be working on another one by now, but illness has prevented that. Once I'm back at the machines, which - work permitting - will be next week, I could get started. Of course, I need a customer first...
And now, for the news:
IT WORKS!!!The engine has been started & run, and everything is A-OK.... Well, almost; there's a slight leak around the spigots; which is basically due to my faulty spigot design. I should have left room for a washer or, better yet, left a small flange to allow the spigot to seal properly. I'm going to make some new spigots which will be grooved to take an o-ring. I'll also clean up the face on the sump where they tighten up, to ensure a nice oil-tight seal. That should happen next week sometime, depends on when the engine is removed again.
There is still an oil leak into the bellhousing. My money's on a dodgy crank seal, as we know the sump is flat as a flat thing. At least,
I know that...
The next photos (other than one of a new spigot) will be of the car on the track hopefully!