Hi Jason,
I can’t answer for M-speed, but the reason for the changes could be them taking into consideration how the wheel is cast and/or machined, the offset they chose (if different). But I think it is more how M-speed “modernized” “ interpreted “ “put their stamp on” their design with homage to the original Kobe Seiko Z432 wheel, but still with a huge amount of influence.
On a side point of interest, Kobe Seiko could be said that they took their/Nissan’s design of the Z432 wheel (and Works rally wheel?) by making their own interpretation, and marketing it separately. Known as the Maglloy. It does look similar to the Z432/Works wheels, especially if you grind off the “Kobe Seiko maglloy” casts off the front of the wheel and machine the hub boss down (which Alan says he was told happened way back when original Z432 wheels were in short supply from being damaged/worn out, in Japan). can you spot what is missing in the photo?
I think it is also a 1970’s-ish “in period” design with a different variations thing going on. The 280zx “iron cross” wheel (did Kobe Seiko make them?) and Kobe did a 13”, see photo below.