No need to juggle the numbers.
Both cameras will shoot 24X36. Just do that and compare enlargements. But, we have to remember that the X-Pan was maximized as a Medium Format type camera, and can do something the Leica can't do... shoot a full panoramic 35mm piece of film.
IMO, comparing ISO 100 Leica shots verses ISO 400 X-pan shots isn't a practical, real world situation. If I could use ISO 100 in a given situation, I could also use it in the X-Pan... and under those conditions a proportionate Panoramic crop of the M film won't hold a candle to the full Panoramic film of the X-Pan.
It's just the old 35mm verses Medium Format debate again.
Film territory wins, even if the glass is a bit unequal in performance.
Yes, in my test I shot in exactly the same light (in studio with ProFoto strobes and Generators ), with both cameras on a tri-pod using a cable release. Same film, (Portra 160 NC), The negs were processed together in the same batch and were uncut by the processor. The prints were from uncropped negs and printed at exactly the same enlargement ratio (to approx 11X14.) Subjectively, the Leica prints were superior to my eye (which to me is all that counts). However, we must remember that the Leica M 50/2 is one of the best 35mm lenses in the world, and is maximized for 35mm film.
I ran this test after shooting a wedding with a Leica M and the X-Pan. Afterwards, I felt the 24X36 X-Pan shots were lacking a little something that was there in the M shots. It's not a big deal, and if I hadn't shot both cameras on the same job, I may never have noticed.