A friend of mine used a CSMK-III on the micronik Z3 board for the A1200. It was bloody fast once we got some libraries, sysbase, the ssp and vbr into fast mem.
As far as I know, the Zorro3 functionality of the busboard is only enabled if you do use a genuine A4000 accelerator in the processor slot. Without one, the board behaves as Z2 only.