Are these two the same thing?

Lazy Macros
1

Is Priority Sequence the same as adding this Limit code?
limit = limit or 1
if step == limit then
limit = limit % #macros + 1
step = 1
else
step = step % #macros + 1
end

or do they both work differently?

2

Priority = what you have above. Unless its an inner loop priority which is similar but different.

Sequential is completely different in both cases.