First and biggest response: If your CRD is still drivable, your turbo IS NOT FAILING and HAS NOT FAILED. It will not fail politely, or take long to do it. It will die quick and noisily. When it does, you may have SECONDS to recognize the problem, get the transmission into neutral, and the key OFF. Doesn't matter if you are still coasting - you do not have the time to drive your way to the side of the road if you want to protect your engine. If you hear a pop / screech / bang and a sudden cloud of smoke behind you... DON'T WAIT OR THINK. Just slam it in neutral and shut the key off one click. The engine will stop, the steering will remain unlocked. NOW coast to the side of the road.
You have the wrong vehicle to try and up the power much - this engine is too fragile.
That said, your logic isn't terrible, but has a couple flaws in it. More power does usually equate to getting more work done in the same time, or getting less work done easier (more efficient) when it is paired with the proper application. Gearing. Bigger front end power needs to be coupled with taller gearing to maximize the potential and reduce the overall engine speed to keep it within the power band. A diesel's power band is VERY narrow, simply stuffing more air into it wil only accomplish two things: leaning out the fuel mix more (Ok, that cools the diesel EGTs) and risking your head gasket from cylinder pressures it wasn't prepared for.
To actually increase the power while ONLY stuffing more air into it, you first have to be operating below the stoich point for diesel fuel. Is your engine smoking constantly now? Then you have too MUCH fuel going in, or you have a boost leak. A boost leak is a VERY VERY common problem with these - the CCV system rots out the hoses, the boost pressure forces the oil into the very walls of the hoses, furthering the rot... Finally the hose becomes porous and the oil rises to the surface, continuing the degradation while the exterior of the hose grows a thick layer of filth.
If this describes your hoses... Then that is 95% of the problem you are having right there. Change those hoses, and you will probably find all your power returned.
For the only reliable source of power-adders that have been developed for this engine, WITH THE EXISTING LIMITATIONS IN MIND (and they are severe limits not to be crossed) have a chat with
http://www.greendieselengineering.com and look at what they offer. They are the ONLY SOURCE for an upgraded turbo kit, and one that I highly recommend. They also offer engine and transmission tunes that increase the longevity as well as the power of the entire system.
Cheater chips that only interface with a couple sensors, or mucking about in the dark with blind changes... That is a super-fast way to send your engine to the scrap yard. Trust me on this one - the internals just CANNOT HANDLE IT if you aren't aware of the limits.