Here are the post-install pictures.
First one is before airbag is put back in.
Now I have a proper wheel and no more red-stitching. I really did not mind the red but I know some do not like it when they have not opted for red accent trim.
The ///M trim piece was quoted at 98€, so I opted not to get that. After doing the install, it's possible the cost is so high because it is sold as a unit with all the switch gear.
2012 F30 335i 6MT - Imperial Blue w/Everest Gray: Sport, Adaptive M, Premium, Tech & Parking Pkgs, Assist, Apps