7.92 mm AP rounds must have been only a last-ditch self-defence measure. Or something to ease them minds of the tank crews:
"Just shoot us, we won't go into combat in that paper coffin."
"Don't be so negative, here's some über ARMOUR PIERCING rounds, so you can 1s1k that pesky Matilda."
Nobody in their right mind (Japanese excluded) would have gone into any kind of offensive tank-hunting with a vehicle which any .50 cal weapon will RAEP, saw in half, etc. So Mk VI, Daimler, Marmon III etc. are still superior as they have weapons which have at least some use.
Plus, the Pz1 was produced in smaller numbers than Mk VI and was phased out earlier: in the French campaign, only about 1/5 of German panzers were Pz1's while 9/10 of BEF tanks were Mk VIs. Making Pz1 just for Olympus, Gazala & Siege of Tobruk is meh as long as we're lacking the 37 mm early variant(s) of Pz3 which were actually more numerous at the time. IF we had French/Polish campaign upcoming, then Pz1 would be worth the effort. But even then, 37 mm Pz3 would be more useful from gaming point of view.