The effect of oxygen isotope substitution on T c has been analyzed for heavily underdoped and overdoped La 2-x Sr x Cu 1-y Zn y O 4 compounds with different Zn contents in the CuO 2 plane. The effect of Zn on the isotope exponent, α, was more pronounced in the case of the underdoped (x = 0.09) compounds compared to the overdoped (x = 0.22) ones. The variation of α with in-plane disorder can be described quite well within a model based solely on impurity induced Cooper pair-breaking in the case of the underdoped compounds. This model, on the other hand, fails to describe the behavior of α(y) for the overdoped samples, even though Zn still breaks pairs very effectively at this hole (Sr) content. We discuss the implications of these finding in details by considering the Zn induced magnetism, stripe correlations, and possible changes in the superconducting order parameter as number of charge carriers in the CuO 2 plane, p (≡ x), is varied.