I think that it is actually an SD slot, but an MMC controller on the software side.
Since, IMHO, there are no opensource SD drivers out there, there's no much that can be done... or isn't it like that?
On the other side, let's say you've got an slow MMC card, when you use it on the Z it will work together with Z's MMC driver, but I don't think you'll ever get the MMC maximum speed, as always happens for different reasons.
So this makes me think that if we use a faster card (with slower delays, etc.) with a slower driver, we might, indeed, get some speed improvement, unless in the limits of MMC specs.
I need to try that one of these days...
It is true, also, that I could be completely wrong here, of course.