In addition to 11 GT Competizione's, Michelotto built a pair of special 348's for the Le Mans 24 Hours. They would contest the GT2 class with its 1050kg minimum weight limit and maximum of 450bhp, but would also be eligible for the high profile BPR Championship's GT3 category. Announced in March 1994, the two Competizione LM's were both prepared by the works-assisted Ferrari Club Italia based at Fiorano's test track. One would be run under the banner of the Ferrari Club Italia, the second, Ferrari Club Espana.

Using the Michelotto Competizione as a basis, chassis's 97553 and 98997 were gradually enhanced with a number of special features between March and June of 1994. They featured wider and lighter Speedline wheels, sliding Lexan side windows and, in-time, for Le Mans, faired-in headlights. Most obvious though were new adjustable rear wings introduced at the Le Mans Trials in early May. Michelotto developed three alternative versions of the Tipo 119 engine; Evoluzione I, II and III. The first two produced 380 and 405bhp respectively, however, both ran the BPR's mandatory air restrictors, without which, 400 and 430bhp were possible. The full-house Evoluzione III powerplant was totally unrestricted and pumped out a mighty 460bhp but never saw competitive service. The first Competizione LM (chassis 97553) was completed in time for April 1994's Jarama 4 Hour race, round two of the BPR Championship. This was the Ferrari Club Espana car that would be driven predominantly by Tomas Saldana and Alfonso de Orleans, nephew of King Juan Carlos. After posting a disappointing early retirement, 97553 was then joined by the second Competizione LM for Dijon's 4 Hour race on May 1st. Arriving with around 50bhp more than the Spanish 348, FCI's car was also around 100lbs lighter, Oscar Larrauri keeping it in line for outright victory at Dijon during the early stages. Despite having been classified in the final standings though, a retirement due to a broken wheel shaft was compounded as the FCE entry had already ground to a halt, a 100% failure record not boding well for Le Mans. Undeterred, both cars arrived for the annual trials with high hopes, several design tweaks being introduced including covered headlights and those adjustable rear wings.