Hi, OK,
I've done it a number of times on various K75's, all '94 or '95 models. First, buy seals from the dealer. I don't have first hand experience with aftermarket seals, but I've heard of leaking problems with them. Second, I recommend you install fork gaiters. You can use genuine BMW gaiters (from /6 or /7 bikes) at around $30 each (including shipping) or go to your local auto parts store and buy 2 Rancho 1952 boots for around $15 total.
-Remove the wheel, tying the calipers out of the way so the line is not kinked.
-Remove the allen bolt at the bottom of the fork.
-Remove the fork from the brace and the triple clamp. Remove from bike.
-Remove the rubber cover from the top of the slider. Slide it off from the top.
-The seal is held in position by a circlip. Remove the circlip (can be a bitch to remove)
-The slider cannot be pulled away from the fork tube. The bushing is bigger than the seal opening. Sharply pull the slider against the tube, like you would a slide hammer. The second or third try, the seal will come out and the tube can be removed from the slider. Remove the seal from the top.
-Clean the tube. Feel all around the area swept by the seal for any burrs or irregularities. Remove them with a fine whetstone.
-Fit the tube back into the slider. Reattach the boltup through the bottom of the slider, using a new seal (gasket). You may want ti wait to tighten it until the fork is reattached to the triple clamp and the fork brace.
-Seal must now be driven into place. For a tool I used a plastic pipe union for 1-1/2" pipe. I removed the inside ridge with a curved and, later, a rat tail file. It slid down the tube to bear on the seal. I put a block of wood on the seal and hit the wood block with a hammer - a couple of blows, move 180 degrees, a couple of blows, move 90 degrees, a couple of blows, etc., etc. The seal is in place when you can see (or feel with a scribe or small screwdriver) the groove for the circlip. Work the circlip back into position. Slide the rubber cover down the tube and into position. Slide the gaiter down the tube , but don't put the end onto the slider yet - you still have to attach the slider to the fork brace.
-Remount the tube into the triple clamp.
-Repeat above for the other side.
-Reattach the fork brace, but do not tighten bolts.
-Reattach calipers
-Place axle into sliders. Tighten fork brace. Remove axle. Pull gaiters over top of sliders. If Rancho gaiters, heat a nail and punch/melt a small hole in the back of the gaiter so it doesn't blow out as the slider goes up and down. If you want, you can put hose clamps at the top and bottom of the gaiters. I don't use the hose clamps on my bikes.
-Tighten bottom bolts in sliders.
-Remount wheel. If it seems to be slightly cocked or it rubs, you may need to loosen the fork brace, adjust and retighten.
-Refill forks with oil. I use BMW 7.5 wt, 420cc per side.
Ride
I hope I've covered everything. If you have questions, ask.
Parts I would have on hand are new fill gaskets, new gaskets for the bottom slider bolt, new seals, new gaskets for the fork drain plug if you drain using that (not necessary, really, as you are removing the bottom bolt), and 2 gaiters.