I wouldn't consider doing this without replacing the 3 sections of rubber fuel line, the clamps AND the short stretch of rubber vacuum tubing between the vacuum line and the front of the filter. My filter, at 88k, was factory original. The clamps were pretty obviously not designed to be reused, since they'd been intentionally deformed so that no hex socket would fit, and the flathead screwdriver slots were rounded off or missing entirely. Auto Zone sells the same Kayser filter with a built-in regulator as the one that came with my car, and at $56 it was cheaper than anything I found online. Note the first one had a manufacturing defect on one of the nipples, though -- check yours.
Get new clamps (6 of them) before you start-don't bother with BMW clamps, just get #4 clamps from any old auto parts store. Get a foot of fuel line hose. And get a 6" stretch of vacuum tubing to replace the 2-3" piece that is almost certainly useless on your old filter.
Note that removing the fuse will most often not accomplish much -- your car may not start at all with the fuse pulled. Worth a shot, but if your car doesn't start, replace the filter anyway. Spillage isn't unmanageable.
About the spillage: if you're on your back and can't get away from the fumes or the splashing very quickly (there is barely enough room to get your head past the filter to see what you're doing, unless you elevate both the front and rear of your car -- and I have a small head), wear a mask and put some goggles on. Also, don't wear gloves made of fabric or leather. You'll just marinate your hands in gas. Catch the spillage in something other than a towel. It will take days for the gas smell to come out of the towel -- and don't even think about using your clothes washer to try to get it out while it is still wet with fuel. Your wife will make you pay for a hotel until the smell is out of the house! The best way to catch it would be a large pan - like a baking sheet with a lip around the edges -- auto zone sells these, too. If you don't spill much, it will probably be evaporated before you finish the job.
About the shield, don't bend it out of the way. There are 2 studs sticking out of the frame just above the front subframe, each with 8mm nuts that can easily be removed. Without doing this, you will probably not notice that you've dislodged a piece of foam that prevents the lines going to the engine from rattling around, or that you've freed the fuel line from it's retaining clips while prying the old filter away -- and if your vacuum tube is all rotten like mine was, you'll need the room without the shield in place to clean up the old line and reconnect the filter with new tubing.
That's my 3 cents. Most frustrating filter change I've ever done -- the one-use clamps are shear idiocy, and the shield connected at 5 points, absolute overkill. The crappy vacuum tube is typical for BMW (see all the other posts about vacuum leaks if you've owned your BMW for less than a few hours and haven't heard of these things). In the end, while the location is especially inconvenient if you don't have a lift, it's better than putting it in the engine bay (like my old volvo -- though it was nice replacing a $11 filter with 1 simple tool while standing comfortably next to the car) or under the back seat.