Ray,
Welcome to the .org! I hope you enjoy your time here as much as the rest of us do...
The exhaust rasp is mostly due to missing the cat (and possibly the resonator as well, which you didn't mention)... No matter how well they are bolted in the exhaust system, there is going to be rasp... I have had 2 custom exhausts made for my 6 cyl swapped ti, one with a resonator and one without. The system without a resonator has a factory Cat and generic muffler and it sounds terrible. The other system has a racing style free-flow cat and resonator, along with a Magnaflow muffler and it is substantially quieter and has a much more enjoyable exhaust note...
As for the plastic cooling fittings, I would suggest that you replace them as soon as reasonable, and not wait for them to break... As with most modern-ish BMW's, the cooling system is their Achilles heel. While it is fine to keep spare parts on hand, having to replace parts on the side of the road is not your most ideal situation
Oh, and we insist on pics of your '02 as well...