Reply to ccjersey:
I don't know of any of the old non-turbo tractors that would really roll out the smoke under load (unless they were burning oil at a prodigious rate), so without a fuel rate increase, you are unlikely to gain much if any performance just from adding any turbo. I know MBcat who used to maintain the database of serial numbers and owners on the ACME website used to recommend removing a torque spring shim or two on the old tractors to gain a little rack travel and increase performance/smoke even without a turbo.
That turbo was used on the D311 (actually called a D320 as it was setup with the turbo in the 922 loader etc) at similar horsepower to the D315, so my guess is it is not very much too small. Probably would spin up faster than a larger one and give a quicker response. Since you already own it, you might try it and not be out much if it didn't perform.
How well does the D4 cool now?
A turbo that's too small for the engine will actually make better low-end boost, & overboost at full RPM. (More exhaust volume spins it faster)...That's the reason for a wastegate, you can use a smaller turbo, & the wastegate dumps exhaust at high RPM. Makes a flatter boost curve & helps the "turbo lag".
I've turbo'd a couple JD 4240 tractors that had to actually have the fuel turned up a little, they burned so lean they ran hot... not a whiff of smoke except at startup.
You don't say where you are, if you're above 5000 ft., a turbo will help both smoke & power w/o turning up the fuel. Like cc said, the size of the engines are close enough you might be OK, it's worth a try. Unless the turbo you have happens to have a wastegate, then you're good to go...