Oh yes, but the shorter you go, the faster it'll get there (to a point, obviously). You can't have too much acceleration The grunt of the 540i overcomes much of the gearing gaps anyway.
You're probably only sitting on 1800-2000 RPM at 100kms aren't you? If you were at 2500-2800, the acceleration after traction is sorted would be epic!
Ours is at about 2600 (I think) at 100kms, and it will easily overtake in 5th at that... and it's only a 525i (3rd sounds cooler though )