Well, Makro-Planar means the optic possesses an optimum image correction at close range, if you`re going to do close-up work, this is the best you can get.
It seems that`s not the case, for portraiture, I recommend the Sonnar CF 150mm f/4 or the the Sonnar CF 180mm f/4 in case you have a lot of (studio?) space available, if you don`t, you will curse for sure.
Any of these optics are fantastic for head and shoulder portraits, the image quality is stunning!
Try them both and see which one of them fits your style better.
That T* stands for the 6 layers multi-coating.
Compatible? Yes indeed!

Good luck for your choice!