We have the result that $ZFCfin$$\mathsf{ZFCfin}$, the usual $ZFC$$\mathsf{ZFC}$ axioms with the axiom of infinity replaced by its negation, is bi-interpretable with $PA$$\mathsf{PA}$, first order Peano Arithmetic. We also know of a natural way to weaken $PA$$\mathsf{PA}$ into fragments, by restricting the induction axiom schema to forumlae of a specific complexity, so $Q+I\Sigma_3$$\mathsf{Q+I\Sigma_3}$ is the non inductive axioms of $PA$$\mathsf{PA}$ plus induction restricted to formulae of at most $\Sigma_3^0$$\mathsf{\Sigma_3^0}$ complexity in the language of first order arithmetic.
Does weakening the axiom of separation and the axiom of replacement in $ZFCfin$$\mathsf{ZFCfin}$ result in the above outlined fragments of PA$\mathsf{PA}$? For example, does weakening the two axiom schema to formulae of $\Sigma_3$$\mathsf{\Sigma_3}$ complexity in the language of set theory give a set theory bi-interpretable with $Q+I\Sigma_3$$\mathsf{Q+I\Sigma_3}$? Or does the axiom of powerset also need to be dropped and then replacement replaced with collection?*
If restricting separation and replacement is the correct way of getting bi-interpretable theories, does a theory bi-interpretable with $Q$$\mathsf{Q}$, Robinson Arithmetic, result from dropping both axiom schemes entirely?
*The reason I say this is because I know that $KP$$\mathsf{KP}$, Kripke-Platek set theory, does away with powerset and without powerset collection and replacement are not equivalent. I am wondering if that plays a factor and if it isn't too much for one question, if anyone can explain the interplay between getting rid of powerset and the strength of fragments of arithmetic.