I guess you're right. For the benefit of alex and others (including myself), perhaps you would like to continue the discussion:
I was ruling out the Z production based on conservation of lepton and/or baryon number. Neither one of these numbers cares about compositeness of the proton, and the argument based on either one of these conservations works for a composite proton just as well as an elementary proton.
You were ruling out the Z production based on conservation of charge and/or color. Both of these numbers rely on the compositeness of the proton, and the argument based on either one of these conservations does not work unless one realizes, as you pointed out, that the proton is composed of quarks with color and fractional charge.
In particular, if we learn that the quark model and the SU(3) color symmetry are wrong, then your argument would cease to be valid, but the proton would remain stable. Conservation of baryon number should hold, for whatever reason, or else the proton would decay, I think.