• Will you ever track the car (autocross or road course)? If so, track mode is a must have.
• Will you regret not getting the “best” with the Performance model? Given that you have a Z06, my guess is yes

If the answer to either of these question is yes, then I’d recommend going with the M3P.

The main advantages of the Performance are:

• Track Mode (Cooling, Traction/Stability control, Power/Handling distribution, drifting/donuts, etc.)
• Better Brakes
• Slightly better launch (~0-40mph)

The advantages of the Long Range AWD are:

• Cheaper/better value
• With the $2k acceleration boost (AB), it’s nearly as fast as the M3P. There are videos of it being equal or even beating the M3P from a roll.
• Option for smaller 18″ wheels (more aerodynamic/better range, lighter, and less likely to curb).

I wish Tesla still offered a “Stealth” Performance model with Track Mode and the 18″ aero wheels. It would be fairly easy for them to also alter the 18″ aero wheel design to clear the Performance brakes.

In terms of acceleration, there’s not a huge difference if you get the LR w/ AB. From 50+ mph they’ll be nearly identical in acceleration. The SoC, battery temp, and weight will likely determine the winner.

M3P:
0-60mph: ~3.2-3.3 seconds (3.1 w/ 1-ft rollout)
1/4 mile: ~11.5 @ 116 mph

M3 LR w/ AB:
0-60mph: ~3.6-3.7 seconds (3.5 w/ 1-ft rollout)
1/4 mile: ~11.8 @ 117 mph

There’s roughly a 0.3 second difference between their 0-40 mph times. After that, the acceleration is quite similar and the M3 LR w/AB may have a slightly higher 1/4 mile trap speed. Of course, the M3P has higher potential with its rear motor (980 IPM-SynRM) and will be always be faster given all variables are equal. The later 2022+ M3P models should also be receiving the 3D6 hairpin wound rear stator. This theoretically means higher power limits, better heat dissipation & improved efficiency. Tesla could someday provide another power boost to M3P making it even faster.. but then it may begin stepping on the Model S’ toes. There’s at least another 16kW (~20 whp) available as seen with the MYP. The M3P is just being software limited given the same hardware as the MYP.

Suspension-wise, the M3P isn’t any lower than LR. People have measured the 2021+ refreshed models and they’re the same height. If anything, the M3P seems to be slightly higher by a few millimeters. That’s not to say there isn’t a difference in the suspension (they have different part #s). The M3P suspension is a bit stiffer, but still not great by any means for a “sportscar”. A set of Ohlins would improve ride quality and performance.

But as others have said, you’ll probably prefer the M3P given that you have a C5 Z06.. especially if you have the 03-04.