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Hello fellow e39 friend! A faulty disa flap will cause decreased power. Fix that first before trying anything else. With age you could also have a catalytic converter clogging up so keep that in mind which can cause the same issue. That is what I am currently dealing with on my 540i. I would recommending getting a good scanner that will read “ghost” codes that a typical pocket scanner won’t pick up. It will be helpful diagnosing the car accurately.
Referring to the ABS/DSC warning triangle. The DSC hydro unit has an electrical module which can fail internally. I had this same issue. Very simple to remove the electrical component and send to a reputable shop to rebuild the motherboard. There are a few places on eBay that will do it. There is also a possibly of another issue causing the ABS light. For instance, a faulty wheel speed sensor/wheel bearing or even the steering angle sensor. As I mentioned before a good scanner can pick these codes up, or if you can get access to ISTA.
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