The answer to your question is that the 9mm round reaches it's maximal velocity somewhere around 8" and therefore shorter will be more likely to remain subsonic. The answer to your dilemma is a little more complicated. I believe both the P and PSB (brace) are the exact same gun just with and without the folding brace and mount. Though there were original plans for different sized barrels, I believe both guns are shipping with the 8" barrels. The official documentation on the Sig website confirms this, but there is a discrepancy. The diagram they have where it all blows apart to show which parts go with which guns does have the 6.5" barrel as an option and it is listed when you click the MPX-P..... and the PSB. So, yeah, that document is a little.... lacking. I can say the same for the manual as it clearly describes different sights (not dramatically different, but definitely different).
I suspect that this is a holdover from when the gun was first announced and it has gone through some changes. As of last that I saw/heard, there are 3 barrel sizes: 4.5" (K version, not released), 8" (pistol version, both released) and 16" (rifle version, not released). This was also confirmed in the TTAG review direct from a Sig rep. You will, eventually, be able to buy the barrels separately. In that case, I may buy myself a 4.5" barrel and hide it and the suppressor under the pistol length handguard for the best of both worlds.
So really, your question is whether or not you really want the folding stock and brace or not. The folder will take any AR stock once you SBR it. I have the PSB (folding stock) version and have an SBR stamp in process.
I see you're in Indiana, I'm in Cincinnati so not that physically far away and easily quickly reachable by mail. Should you decide the buy the pistol version and want the Sig Brace and folding stock, there will be a time in the near future that I don't really need it any longer and we could talk about an arrangement if you wanted....