Yes.

This is Jacek Wysocki in his E39 V8-swapped E34 5er running around the UK. You can see him above at some Northern Drift Championship event back in 2012.

Here he is ripping it up earlier this year.

And here he is competing at Lydden Hill.

I'm not sure I would start with an E34 if I was making a drift car, but I'm glad this dude went for it. That V8 sounds too nice.