Thanks for the great picture. It is important to note that we are talking about the M54 engine here (325 or 330) in the e46. There are other engines (earlier, I think) that are different as to CPS location.
I still have the question of whether you can get to from bottom of car. Looks like it is below starter, so that is good, but may be just above crossmember or steering rack or something preventing access.
Also, anyone reuse their o-ring? Guess I need to pick one up at dealer. AutoZone didn't provide with their CPS.
BTW, the CPS from AutoZone says Siemens (OEM supplier) right on it and appears to have the BMW logo scratched off the part...same OEM part...$56 vs $116 retail at dealer.