Let the coordinates of P be $(x, y, z)$. Since P divides the segment joining $(3, 6, -1)$ and $(6, 2, -2)$, we use the section formula to find the coordinates of P.
The $y$-coordinate of P is 4, so the ratio of division is:
\[
\frac{y - 6}{2 - y} = \frac{4 - 6}{2 - 4} = 1
\]
Thus, the ratio of division is 1:1, and P divides the line segment equally. The $z$-coordinate of P is the average of the $z$-coordinates of the endpoints:
\[
z = \frac{-1 + (-2)}{2} = -\frac{3}{2}
\]
Thus, the correct $z$-coordinate is $\frac{3}{2}$.