
Tools
T-25 torx driver; BMW machined hand-lever, part 71607706739, $80 each; wrench; Loctite Blue 242.

Nylon nut
The tiny but vital piece that holds the lever screw in place. (Some say nylon nuts are one-time use.)

Lever screw

Step 1
Remove the lever screw and nut.

Step 2
Pull out the lever.

Step 3a
Note the spring in the gap in the middle of the lever. The spring is what allows the lever to be pushed forward to adjust span. In the next steps, take care the spring doesn't fly out after removing the brass-colored metal cylinder, as it did for me.

Step 3b
Slide out the brass-colored cylinder holding together the lever components.

Step 3c
Almost out.

Lever components

Old vs. new
The milled lever is shorter and flashier than the black. The clutch has a short-shifter feel of a manual auto. It feels easier to pull in and hold, perhaps because of better leverage. I can wrap only three gloved fingers around the milled lever — all four on the black. There's one part number for the milled lever. As said in another thread, you just flip it depending on the side. There's one lever per part number — not sold as a pair.

Step 4
Place the spring in the small hole on the inside edge of the milled lever, and, while compressing the spring with the black component thing, align the holes and reinsert the metal cylinder. It's tricky. Ensure no part of the brass-colored cylinder is sticking out — should be flush with the lever.

Step 5
Apply Loctite to the screw thread. Dries in ~10 minutes.

Done!
The swap takes about 10 minutes per side.
Afterthoughts
Because I assumed the levers shipped as a pair, I rode for a week with a milled clutch lever and factory black brake lever. I figured if one of them were to fall off, the clutch side would be less catastrophic than the brake. The first few days I checked that the screw and nut were in place, and so far, so good.
That said I'm messing with mission critical components. To borrow from Ambassador Eilenberger, who suggested using Loctite: "… The author takes no responsibility for any damage or injuries incurred by anyone following the instructions given in this DIY. You should assume the author is a babbling idiot, and he knows nothing of which he speaks. If in doubt of anything - or putting a wrench in your hands could result in the end of civilization as we know it - please - take the bike to your dealer. [Hand levers] are CRITICAL - if you mess up, you could be dead."
That disclaimer extends here. All the best.