You are correct on the codes, BMW=FC (m)
You don't need to remove the fuel pump relay. Pull the DME main relay in the electronics box, that will kill the fuel pump signal as well as the injectors and most important the spark.
Your DME main relay is K6300, it's under the cabin air filter, should be on the drivers side if your car is a right hand drive.
After you remove the filter box and the cover it should be the relay at the back (near firewall) on the left side, according to Bentleys, which isn't always correct.
However mine is on the right side (blue relay). My left relay is the Unloader relay, with a 5 gang fuse block between them.
Pull both relays, you'll be safe then.
From the front, bank 1 is on the left.
Compression on my 4.4 was 200PSI +/- a few. For your 4.6 it should be a little higher, not sure of the exact numbers. Your cylinders have 25cc more volume each than a 4.4 engine, so maybe 215-220PSI?? Just an educated guess.