Some images that may help below...
Done this fix but don't use WD40, guys have listed specific grease due to the tight tolerances of the 'worm' gear, I used a silicone based grease.
Mixed results, it's not as bad and is 100% temp related in my case, power
steering went this weekend momentary blip and switching ignition fixes it until the next time. The replacement column is redesigned and void of the issue, others replaced the angle sensor after stripping, others did the torque sensor control box (passenger seat?) and someone should be shot for the small recall forced upon BMW before, due to few complaints, was closed....you should check the VIN's listed though for yours. Insufficient battery output can cause a phase voltage fault (stored) but stress/heat on the motor/worm gear can also ping the code. If you want rid completely, replace the column.
Think if you blow cold air through the front/side vents for a few secs there's no issue.
Hope it helps and it's all detailed here....
http://www.bimmerforums.com/forum/showt ... eering-Fix sorry for breaking rules if forbidden!

'04 Silver Z4 3.0i, leather, foldy mirrors, key opperated top, Carver, BT, MFSW, Clear light pack, red callipers, Cruise, K&N filter