Does my Giubo (flex-disk) need replacement?
I'm going to be pedantic for a bit! The E34 M5 does not have a guibo.
Giubo (note the spelling), pronounced jew-bow, was a rubber-only disk made by a Czech company of that name. That company is now part of Goetze Industries in Germany.
The M5 has a flex-disk. A flex-disk is different from the giubo because it comprises fibers of either nylon or rayon wound around the bolt channels in a specific way that allows for the isolation of the driveline from engine torsionals and for the tuning of the disk (via changes in winding or winding tension) to eliminate particularly annoying engine torsionals from the driveline. The fibers are encased in rubber so the outside looks like a giubo, similar to what the BMW 2002 had. The BMW flex disk is made by SGF (Suddeusche Gelekschienbenfabrik, I think. Any of the Germans care to guess at what that means?)
The best way to tell if your flex-disk is worn is to get under the car and look at it. If the rubber does not look torn or cracked and it is not overly distorted, you should be OK. Poke it with a screwdriver to see if the rubber has been deteriorated by leaking oil from transmission seals, PS plumbing, etc. There is little chance of other factors deteriorating a flex-disk. It is a fairly robust 100,000 miles+ element.
I have replaced about 6 flex-disks, but only on the E30. You will need to drop the exhaust (perhaps remove it I cannot say as I've never been under an M5 though on the E30 M3 the exhaust disconnects just ahead of the transmission making this all very easy), remove the heatshield and remove the d.s. from the transmission. My E30 efforts are documented at:
http://www.neilwerke.com/r&rflex.htm. If you back up a level and explore the driveline section you will find pictures of everything you need, but for the E30. E34 should be pretty similar.
If the flex disk fails, you could lose the driveshaft under high RPM conditions and that might take out the center bearing and transmission case. This is not something worth risking.