Thanks @Mark92131, I am feeling pretty stupid right about now. And @Autostrada, you seem to have a very good eye and one for detail as well. I know who to call on to help assess on my next purchase! My goal though would not to be to restore the car to original, nice as that might be, but to have a fun driver. Probably the only way I will ever be able to afford an 02 with round tail lights.
In any case, I reached out to the seller and he sent me some pictures of the interior and the hole in the trunk floor. He said the car came to him from CA and his understanding was that it was part of a collection of BMWs that were purchased to restore but never done. He believes the original color was Fjord Blue based on the trunk pics.