If you are using an ISA IDE controller, it probably doesn't matter. All CF's support PIO. They can all manage speeds greater than 2MB/s.
If you are using a VLB controller with PIO, it's still going to be about the same for all 4GB CFs with firmware > 2005. CFs < 2006 tend to be on the slow side so avoid those old WD SiliconDrive CF's. Most devices designed in the last 20 years can manage 8MB/s. The CF's labeled "Industrial" usually have slightly lower latency. You can measure with a benchmark but it's all so much faster than spinning disk that it's not something you'd notice in normal use.
If you are using a MWDMA controller, ( common for Socket 7 motherboards, early PCI controllers, and the PDC20630 VLB controller) , I've gotten the best performance & compatibility from the blue "MemoryPartner.com" CFs that have slightly older firmware ~2010 that seems to support MWDMA better than newer industrial CFs. Avoid consumer grade CF's when trying to do MWDMA. The MWDMA support seems to get scarce in the firmware newer than 2015.
If you are using UDMA 33, most 4GB CF's made in the last 20 years will perform about the same. They can all manage to do hit the 12-25MB/s range. Avoid the Innodisk iCF 4000. Great stats on paper. High price. Soft performance. Barely clears 12MB/s on reads, about 1/3 that speed on writes. I tested several.
If you are using a UDMA 66 controller or faster, the devices with faster flash & flash controllers start to pull ahead. The fastest 4GB device I've tested is the 4GB Transcend CF220i. Reads close to 80MB/s Writes almost 1/2 that speed. If you are using UDMA 66 or faster, consider larger CF's (16GB). They often perform better at these speeds because they are ore likely to work multiple flash chips at the same time.
edit: All in all, it's tough to recommend a specific CF model number because it's not uncommon for the same brand & model to have different internals from year to year, even when the CF is a legit product and not a cheap knockoff, and many CF's were produced for many years.