N42/N46 water pump is damn expensive. The location of the pump is stupid i.e. behind the PS pump. You will need to remove the PS pump. Guess what? Unpon dismantaling Your PS hose will guarantee to give way so you will need to replace the PS hose too. Since you at working on the cooling system you may want to replace the thermstat as well.
Since it's labour intensive, i wouldn't recomend using a cheapo aftermarket waterpump (RM250+). Get the BMW original waterpump RM550+. By the time you are done. Replacing waterpump, thermostat, O Rings, PS hose plus labour the damage to your wallet will more the RM1.3k. Trust me you should get this job done right & not try to cut corners.
It's an expensive affair. N42/N46 parts are damn expensive. My E38 Seven 28i is way cheaper to maintain.