Depending on the track either the F80 M3 or Performance Model 3 would have a quicker lap time. Lower speed tracks the Model 3 will be faster. Higher speed tracks the M3 will be faster. The M3 will start pulling on the Model 3 pretty hard over about 110mph.
You can see this pretty clearly in my video here at 1 min 24 seconds.
Curious what your impression is of how many BMW M3s running on the tracks w/you are re-chipped?