The Picasso II is a Z-II card, so wouldn't benefit at all from being on a Z-III bus.
The Pic IV is much faster than a Pic II, and would I imagine be noticeably faster even on a Zorro II bus.
A Pic IV will be a lot faster in a 4000, especially where there's much data flying around - the chipset is several years newer and the bandwidth is much higher on Z-III. Putting it on a Z-II bus will just starve the Cirrus Logic chip of data for most of the time.
Still better than AGA for most things, though, of course.