I don't know whether you can turn off the speed limit in HUD, but I'm absolutely certain that you can turn off whether it turns red when you're exceeding the limit. It's an option in the iDrive HUD menu called something like Speed Limit Assist. Gotta love the marketing guys ...
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CURRENT: '24 M4C Conv
RETIRED : '23 M8C Conv | '20 X4 M40i | '18 M4 6MT | '13 M5 6MT | '08 550i 6MT | '04 545i 6MT | '98 540i 6MT | '94 530i 5MT | '84 528e 5MT
Other retirees from Chevrolet, Buick, Subaru, Honda, Acura, Merkur(!), Volvo, Saab, Audi and Porsche
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