Sag on the front should be balanced with the rear, so wait till you get the new shock, and measure the rear rider sag with that.
Most bikes work best with about 10% more sag on the front , and for road use around 40/45 mm rear and 45/50 mm front works fine for most, if your damping is right.
If it is close you can adjust it at either end, as what you are setting is balance, front to rear. But according to folk who know, like Ohlins, the rear shock preload shouldn't be changed more than +- 3/4 mm.
Your new shock should be set to your specifications, so adjusting the fork spring spacer to get the front sag matching the rear would be the way to go - you want somewhere between 10 and 30 mm preload on the springs , and if you cant get the correct sag in that range the springs dont math the shock.
I prefer a good Synth Suspension Fluid in the forks, and the factory grade works best for me.
The key to knowing when you are getting close to the mark is when adjusting one end makes both ends noticeably better, and it is worth a bit of effort to get it right - stock BMW suspension forks work very well when properly set up with a matching shock!