Can you perform OBD I tests with a diagnostic tool?
 

I know with OBD II, there is a diagnostic tool that will read the codes from the computer. With OBD I, is the ONLY way to check the codes using the five "pedal-pump" method and counting the friggin flashing engine light? Is there a diagnostic tool that can be used instead?

Nope, you can use the Peake Research tool, see here:

http://www.pelicanparts.com/bmw/techarticles/Mult-Code_Reading/Mult-Code_Reading.htm

-Wayne

Thanks Wayne. You know, I already have this article but neglected to read beyond the table of codes.