As a continuation of Part I, dedicated to the ground state of He-like and Li-like isoelectronic sequences for nuclear charges Z ≤ 20, and Part II, dedicated to two excited states of He-like sequence, two ultra-compact wave functions in the form of generalized Guevara-Harris-Turbiner functions are constructed for Li-like sequence. They describe accurately the domain of applicability of the Quantum Mechanics of Coulomb Charges (QMCC) for energies (2-3 significant digits (s.d.)) of the spin-quartet state 1 4 0 + of Li-like ions (in static approximation with point-like, infinitely heavy nuclei). Variational parameters are fitted in Z by 2nd degree polynomials. The most accurate ultra-compact function leads to the absolute accuracy ∼ 10 −3 a.u. for energy, and ∼ 10 −4 for the normalized electron-nuclear cusp parameter for Z ≤ 20. Critical charge Z = Z B , where the ultra-compact trial function for the 1 4 0 + state looses its square-integrability, is estimated, Z B (1 4 0 + ) ∼ 1.26 − 1.30. As a complement to Part I, square integrability for the compact functions constructed for the ground, spin-doublet state 1 2 0 + of the Li-like sequence is discussed. The critical charge, for which these functions stop to be normalizable, is estimated as Z B (1 2 0 + ) = 1.62 − 1.65.It implies that at Z = 2 -the negative helium ion He − -both states 1 2 0 + and 1 4 0 + exist as states embedded to continuum.