The Z item, when obtained, slows the player down considerably, delaying every action that the player has, including taunting. This inability to react leaves the player suffering from its effects very vunerable. If the player is killed when using the Z, their death animation will play through slowly until their spirit flies away.
The Z should be avoided at all cost in the level. Like every item, if untouched for a short amount of time, it will disappear from the level.