I have an 84 528e model BMW. I was thinking about adding slick 50 to my oil to improve the engine performance. The thought of messing up sensors on the motor or mabye doing damage to something else in the motor crossed my mind. I dont know alot about this car and need some advice. What do you think?? Is this a wise decision?? If not, why?? I really need some feedback, so please tell me what you think or know about this.

You're not going to get any extra 'performance' by putting slick 50 in your oil.
You could spend three hours researching this, reading articles on both sides of the argument. Some say it'll give you extra protection if you run out of oil. I prefer to check the oil regularly. Some say that having microscopic particles in your oil might clog your pump, or reduce its efficiency. And some think that having that stuff bonded to the wear surfaces in the engine will keep those parts from getting what they really need: oil.
I've used Slick 50 in my Honda automobiles, especially in an old junker I had, because Slick 50 does come with a registration and insurance policy that'll pay off a grand or two if your engine throws a rod or suffers a major breakdown within 60,000 miles. I sold the car two years later, so now it's not my problem.
Change your oil and filter regularly, check your oil once a week and about every 500 miles if you're on a road trip (especially if you're hauling ass, i.e. over 85 mph). Nothing beats real, live, regular maintenance.
Flunky