Yes it is possible. General consensus is if you want to exceed 300hp, then you should. Up to that point, not necessary. You can turn the MW up, increase the injection timing, and add larger injectors. To keep EGT and smoke down, after 300hp you will also need to remove the after-cooler mounted in the intake manifold cover "tent", and change to a front mounted charge air cooler, possible turbo upgrade also from HX40 to HX50 or HX55.
So, there are some other things which can be done first, before just jumping to an expensive P pump. A P-7100 pump from a 5.9L Cummins will work, but you need to block the oil inlet port on the gear case to pump mount, and run an external oil line, which is easy. You also want to make sure you get a 12mm P-7100 pump. Not an A pump, not a 10mm or 11mm pump, and the rotation needs to be the correct direction, DT466 P-7100 rotates opposite direction of what a Cummins uses.
Read all the posts in this thread, there is a lot is useful info in here.