Originally posted by pres589 Welcome to the forum and good luck with your LX. They seem very nice.
I've got an M 40 f2.8 and I don't find it to be all that great. I prefer my M 35 f2.8. It's quite small but big enough to actually focus easily; the 40's focus ring is super thin to the point that it's not so easy to use. The 40 also isn't that sharp wide open; it's happy at f5.6 or 8 but wider than that isn't so great. I've never owned or used one, so take this next bit with a bit of salt; I'm not that impressed by what I've seen of the FA 43. It is tiny, fast, well made... but the out of focus rendering is often busy if given the chance based on the background. And I don't think it's so great wide open, either, although it sharpens up quickly just a stop or two down from f1.9. The only other lens I could really see competing for your interest here that came in native k-mount is the Voigtlander 40mm f2.0 Ultron but those haven't been sold new for some time and are not common or inexpensive.
The M 20 f4 is quite nice and there are folks using it on today's K-1/K-1 II digital cameras with great resulting images. Nothing really comes to mind that performs as well for the size of the lens. I've got a Tamron Adaptall 17mm f3.5 that is pretty nice but needs stopping down to really perform well. That lens has its own odd caveats though. The Samyang 14mm f2.8 is also pretty nice but really large and sometimes just too wide. There's a number of manual ultra-wide options on the market today for k-mount cameras.
On the topic of the 40mm f2.8 - I had figured it to be a Tessar formula lens like the Zeiss/Contax pancake, but it isn't as it has five elements rather than the four in three groups of a Tessar. I don't really need one with the 50 f1.2, come down to it. I've some very nice Tamron Adaptall zooms to fill in that need plus the 90 f2.5 macro (lovely lens!). I do use a 20mm quite often in my Nikon system so the 20 f4 would be something to keep an eye open for perhaps. In the 35mm category, how does the f2 compare to the f2.8?