I finished the install, but there are some unresolved issues. It works (sort of), but not as well as I would have liked.
First off, all of the parts I received from OSXWIFI are installed and both BT 4.0 and WiFi functions are correctly listed in system report. I also have a 2013 27 inch iMac so I can compare functions I am seeing with a known good and working system. It uses the same WiFi/BT combo card. The new WiFi/BT card seated in the miniPCI-E adapter is a little bit thicker than the old WiFi card and presses up against the back of the LCD screen, but it does not appear to create any problems. The screw holes on the new adapter and the old WiFi card are on opposite sides so I had to secure the new card with a couple of small pieces of duct tape (hey, it works!).
I can confirm that the miniPCI-E does NOT have the USB D+/D- signals. I was hoping that it did as it would make things much easier. I had to use the kit's USB cables and route them through the RAM compartment and around to the back of the iMac to one of the external USB ports. I am not happy with this arrangement, but until I figure something else out I'm stuck with it. It was not clear what type of connection the old BT card had. It had 5 wires, but the colors did not correspond to standard USB pin out configuration. I simply unplugged it and taped the connector to the inside of the case.
One last obstacle was needing a wired keyboard and mouse since the BT ones will obviously not be paired with the new BT card. If you need to enter recovery mode, it will have to be an Apple wired keyboard.
So, the unresolved issues are:
1. 802.11 AC does not really work consistently yet. It is touch and go. I have an Apple Airport Time Capsule and it shows that the iMac is connected at AC speeds and has a valid IP address assigned, but the iMac does not display this and no Internet connectivity is present. It does connect to other 802.11 N routers fine, but I have no other AC routers to test with.
2. When I turn off the WiFi, the BT gets turned off too. But when I turn off BT, WiFi stays on. This is not what happens on my 2013 iMac - each can be controlled independently.
3. The new BT connectivity is a little bit sluggish and jittery with the Majic Mouse at times.
4. I cannot boot into OS X Recovery Mode with the BT USB cable plugged in to the back of the system. The system crashes. When I unplug the BT USB, Recovery Mode starts fine, even with the new WiFi card still installed.
I reinstalled Mavericks to see if that would rectify the above software problems, it did not.
I also installed Yosemite to see if the problems remain, they do.
So...there I am with upgrading a 2011 27 inch iMac to 802.11 AC and Bluetooth 4.0. I still have some problems to work through.
Anyone have any ideas?