Correct, you need a FlashScan V2 to read/write your E38.

Yes, a new FlashScan V2 unit is $899 with 2 VIN licenses and 1 tuning option (either GM or Cummins, you need GM). That will let you read/write your E38 and license it plus another vehicle. I'm not sure if EFILive is doing any more V1->V2 upgrades, perhaps opening a ticket with Support would be the path forward on that.