Lots of old posts on here regarding OBD2 Scanner choices.
I have a Creator 310+ which works well on my 1999 1.9 Z3 and my 2003 2.5 Z4 circa £50 on ebay or Amazon. They do a 410 model as well that costs a little more, not sure what it can do over the 310+.
I also use Laptop based software, BMW Inpa and its sister programs NCS Expert DIS and others, can be problematic setting it up on a laptop.
BMW Scanner 1.4 is also Laptop based and is very easy to load on a laptop and very easy to use, its available on ebay and is cheap.
Bering a Diagnostic Geek I also invested in a Launch Tablet Scanner which is a very capable scanner and coding tool for worldwide makes not just BMW's. Downside is the cost £300ish and thats for a Chinese clone that comes with 2years free updates, after that you have to pay a renewal subscription.
You should be able to see the Vanos workng in live data on scanners depending onb their capability.
Can't help wth your wheel question, not a wheel Geek apart from replacing my centre caps on the Z3 and Z4 with ebay sourced items. With some of these I did find that they needed some tape wrapped around the plastic tabs that clip into the wheel centres to hold them in tighter so they dont fall out in use. Snce doing that I havn't lost any.