Generate separate `ContourPlot` for each `m` with contour `0` and change the tooltip label to `m` and combine all with `Show`:

    Show @ Table[ContourPlot[Evaluate[(x^2 + y^2)^2 - m (x^2 - y^2)], {x, -2, 2}, {y, -2, 2}, 
        ContourStyle -> Directive[Thick, ColorData[63][m]], 
        ContourShading -> {Opacity[.2, ColorData[63][m]], White}, 
        Contours -> {{0}}] /. Tooltip[a_, _] :> Tooltip[a, m], {m, 0, 4}]

[![enter image description here][1]][1]


  [1]: https://i.sstatic.net/M1LpL.png