I've never seen a wheel with the valve anywhere other than out on
the rim. Now I'm curious as I've heard a few people with newer M3's
(late 90's - 03's) that brag about Alpina wheels and the valve has
always been out on the rim.
I've seen rim mounted valves on 16" wheels being sold as ALPINA by a BMW
dealer and on photos of early hubcapped wheels on E28/30/34(?)/36 so it
seems they made some, 16" and early 17" but not AFAIK 18"+...
I've never seen 16"s with hidden valves, nor 18"+s with visible ones.
...I'm going to have a good look at the next 17"s I see though.
My B10 keeps its valves under the lockable hubcaps, air gets to the tyre
via a hollow spoke:
...no valve on the rim.
 In "BMW ALPINA" by James Taylor there are photos of wheels of the
same pattern as mine with valves on the rims of 16" (E30 B6 3.5S) and
17" (E36 B6 3.5, E34 B10 Bi-Turbo) and 17"s with hidden valves on an E34
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