The Max-11k upper using its own "slow fire" style of bolt, made entirely of steel, and it will NOT accept the original M11 bolt. It has a base ROF of 740 RPM but can be increased to with the variable buffer system, i.e. several rubber pads that make the bolt bounce sooner and shoot faster. The cocking knob on the left side of the gun is connected directly to the bolt and reciprocates when is fired.
The Max-11Sk is slightly different design internally. It uses the original M11 bolt so it has a high rate of fire of around 1,200 RPM, but can also be used with the aftermarket Tungsten slow fire bolt to achieve a ROF of around 600 RPM. The cocking knob on the left side of the gun is NOT connected directly to the bolt and does NOT reciprocates when is fired. This model can be used with both Semi-auto and Full Auto M11/9 lowers.
Here is a comparison between the two bolt types on the Max-11Sk
The MAX-11Sk Upper Receiver
As for which to pick, that's up to you. I bought the Max-11k because there was one used on EE and honestly I had no clue there was a difference in the models, I thought the Sk version was just for semi-autos, I didn't realize it could be used with a full auto. The Max-11Sk will be more expensive if you want to use the tungsten bolt as they run like $750 plus the upper is like $500, whereas you can get a Max-11k for $800. But the Sk version does have a non-reciprocating bolt which some people prefer.
EDIT: Lage only makes a 22lr kit for the Max11 Mk2, I'm not aware of a kit for the Max-11k upper. With 9mm ammo as cheap as $0.16 a round right now I personally wouldn't even bother with 22lr