Yes, replace it.
From 1999 to 2005 BMW 3 series is famous for having the PCV
system clogged and setting up the "check engine" light with codes not
related to it also making it run like S**T...
You know you must use Premium fuel no matter what, most BMW
owners don't and end up expending lots of dollars later on repairs.
Also the valve cover gasket is a common area for oil leaking, you must
replace all the bolts "grommets" at the same time to cure the problem.
Check your intake hoses for cracks before replacing the MASS AIR
FLOW SENSOR.
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