I have a 1985 635. It's done about 200k, but I still use it as a daily driver. It feels very solid, but then I maintain it quite well. With plenty of torque you rarely have to rev the engine much, so the engines generally last a long time.
The E24 shares a lot of parts with the 5 series of the same period, so wear parts are cheap and easy to get hold of. Body parts, not so much. Be warned that E24s rust. Wheel arches, floors and rocker panels are the primary candidates. Some body parts are available, but aren't cheap.
You should also know that there are two versions of the E24. The first version is based on the E12 5-series, the later is based on the E28 5-series. The change happens in 82/83, so this car may be the E12 version. The E28 based cars had somewhat improved suspension, and upgrades are easily found.
Driving wise, the E24 is a little tail happy, and connoisseurs will prefer the 5 series of the period, since it's a little better balanced. However, the 6 is the better looking car, and I haven't driven a 5, so I can't say. The M6 has the battery in the rear, which gives it a little more weight over the rear axle. I performed that modification, but the car still likes to kick it's tail.