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No, the '02-'06 MINIs use the ABS wheel speed detectors to determine low tire pressure. There are no sensors in the wheel itself so custom wheels are not a problem. Starting with the '07 models, MINI went to sensors in the wheels.
+1 on NO.
You can install aftermarket wheels on an 04 with no problems.
Sometimes after a wheel/tire install the light will come on because of the air pressure change or the tires not being filled equally. Just adjust the air pressure and reset the light and you should be good to go.