I've read a bit into this - more by happenstance whilst looking at other models to LPG than the Z4. From what I've seen though the 3 Litre BMW lump isn't particularly happy on it, and quite a few people have reported inconsistent running even after they've taken it to specialists. It's worth looking up what's happened to people who run similar aged 530i's or 330i's on gas and seeing what they say, as the conversion will be much more common on these cars.
Worth mentioning that you'll get lower MPG on LPG, but the fuel is cheaper so makes up for it and so on. Interestingly enough you also will not be able to take the car on the chunnel.
I've not seen anything for the N52 motor - so do your research if looking for an SI.
Generally speaking though, MPG on these is pretty good when running on petrol. I've no idea how that's the case, but I daily drive my 3.0Si in bad rush hour traffic and the average sits at 29.7 MPG.