If you have the camcover off (maybe leaky gasket or so), get the vanos seals done too.
They will go eventually. It is the same parts as the z3 & e46, only newer and generally with less mileage. That's why there are less issues (yet)
The seals will harden eventually and start to leak.
I did mine (preventative, I installed new cams&the lot so it would be stupid not to completely overhaul the vanos), and while still good (no vanos complaints), especially the rubber O rings beneath the teflon seals (the o rings are there to provide tension on the seal) already began to harden (rubber hardens in time when submerged in hot engine oil).
So it's a matter of time and mileage.
To get the vanos out in a z4 (with m54), you have to remove the rubber engine mounts and drop the engine for about 1" otherwise the vanos unit won't clear the front chassisbeam/brace. That is imo the easiest way (better than trying to remove the m4 studs from the block)
Once you have the vanos off the car it's a simple procedure with cheap parts.
You cannot 'check' the vanos seals (well, not without removing the vanos). Either it rattles, or it doesn't.
There is a big difference between the s54 and m54 vanos; the writing above is based on the m54 vanos (I have no idea what car the TS has or what vanos he means, this isn't posted in 'm specific' so...). The s54 vanos can fail in a way that can destroy the engine (nothing to do with the seals though), so preventive maintenance/upgrading may be done on different point of view

. The m54 vanos won't fail in a manner that it destroys the engine imho, it doesnt have the s54 weaknesses as it is of different construction.