Cam and distributers
Mike,
Unfortunaly not. The 530i has the right cam to drive the distributer.
The adapter nut adds the drive extension for the distributer on a motronic crank/ damper/ ecu fired motor that doesn't use a distributer. They're available from Ireland, Metric Mechanic, Korman, and many OEM sources.
If you're sticking with the L/D jet or log manifold ( and many here do for the original look), swap the 533 head(or your old one) on the b35. The earlier head will give you a bump in compression of maybe 3/4 point because the chamber is smaller than the B35. Many have also modified the early FI to a combination of later ( updated,) FI or hybrid. But then you get into the associated mods/ fab for which some are comfortable with and some are not.
Best of luck....
Happy Holidays to all and best wishes for the New Year!