If your E38 is with EDC, you just need to watch for it.
Else, the M60 just need frequest oil change and also watch out for Nikasil problem. Most cars are sorted out after 1997. So, need not worry. Look for the facelift E38.
As for fuel consumption, i don't have figures but you are paying for a 4L petrol engine. It's not going to be easy on the town use. But it should be ok for highway driving.
For 2nd car, its very hard to judge on the amount you need to pay. It's not like new car, whereby they can fix the amount to pay as it's still under warranty for most parts.
But usual thing for modern 2nd cars, you need to do the following
1) plug in to MODIC to check on the engine diagnostic. This is to see any sensors fault. There are quite a few sensors around i.e knock senor, 02 sensor and etc.
2) check for suspension. This can be an expensive affair for E38. But it makes a lot of diference in the ride. If you have EDC, either you retrofit when it spoils or change NEW.
So, basically it's the engine/gearbox and suspension you need to worry about.
Good luck in your E38 hunt. FYI, 740i is the James Bond car.