Why oh why would this part be made that way? The joint is only a sleeve with a rod rotating in it... what's to adjust? I can see the usefulness of being able to grease it, but why isn't there a zerk fitting like so many other 60's cars?
I can imagine if the rod is split on a slant relative to its long axis into two wedge-shaped bits, if there's wear, one tightens down the two wedges and they expand to fit the sleeve.
Yes let's open it and see what there is! Then clean it up nice and shiny and put it all back together. Don't lose any little parts, probably NLA geologic ages ago.
Is this just another example of BMW's propensity to overcomplicate things? Open to enlightenment...