Z4s are shipped with so called "lifetime" coolant. (not convinced any fluid lasts forever) One is supposed to refill with the same stuff from BMW. If you commit to regular flushing and changing of coolant, I see no reason any quality coolant formulated for aluminium components would be a problem. Mind you this is just my opinion, there could be some tragic flaw in my reasoning.
Even though N52s have a magnesium core, all coolant passages are aluminium lined. Magnesium and water do not mix well.