The main difference for me is the availability of the TMR reticle in Mark 4 but not LRT III.
The TMR offers excellent fine crosshairs along with 1/2 mildot hashs allowing fine windage hold off. I always raneg and dial for elevation but wind is so changeable I hold off for wind each shot.
This reticle allows fine repeatable results and I combine it with the Leupold Mark 4 spotter with the same reticle so my spotter can communicate in the same increments.
APB