After some further research, it seems like the X7 M50 gets the short end of the stick when it comes to the steering wheel. BMW shafts us pretty hard with this one.
When equipped with Ivory White / Night Blue upholstery (or Smoke White / Night Blue for the 7 series):
- The X7 40i gets a Night Blue non-M-Sport steering wheel
- The 740/750 get a Night Blue non-M-Sport steering wheel
- The 840 gets a Night Blue M-Sport steering wheel
- The M850 gets a Night Blue M-Sport+ steering wheel
- The M760 gets a Night Blue M-Sport steering wheel
- The X7 M50 keeps the *black* M-Sport steering wheel
With White / Night Blue upholstery, literally every single variant in the 7, 8, X7 trifecta gets a blue steering wheel except for the X7 M50.
The M850 has a special M-Sport wheel where the stitching on the inside is red and blue (M colors). On the M760 the M-Sport wheel has metallized buttons instead of black plastic, and the entire steering column becomes blue as well.
I'm going to replace my black X7 M50 M-Sport wheel with the blue M-Sport wheel. I'll use the steering wheel part from the M850, to get the cool red/blue M stitching, and the metallized buttons from the 7 series / X7 40. It looks like everything should be compatible mechanically and electrically.
An expensive mod, but from photos it looks like it'll be a great finishing touch for the interior and tie everything together. Especially from the perspective of the person in the drivers seat (me!). Plus, selling the stock black M-Sport wheel should recover part of the cost.
Additionally, the Night Blue steering column covering/trim from the M760 isn't too expensive... <$200 to get both the top and bottom pieces. The part numbers for those trim pieces are different for the 7/8 series and for the X5/X6/X7, so I'm not sure if the M760 trim pieces will fit in the X7. They look the exact same in the part diagrams...
I'll post an update with photos once I get my X7 and do it.
Below are photos of (in order) the 840, M850, and M760. And of course the X7 M50.