There's no reason I can see for not doing that. You must make sure there are no kinks or restrictions at all.
When I got my turbo rebuilt which was right as I bought the boat, previous owner paid, I received a set of instructions from the rebuild company.
One of those was if the return AND feed lines were not replaced with new, the turbo was not covered by their warrantee.
So make sure you also replace the feed line. Any hydraulic grade hose will do.
Also make sure you pre-oil the turbo right before start up by squirting your engine oil into the oil feed fitting, then connect that new feed hose.
And follow their break in procedure which as I recall was 15 to 30 minutes running at 1000-1200 rpm. (Those turbochargers (assuming its a Switzer 3LD) have a piston ring type of seal on the shaft and that needs to seat properly)
And make sure the feed hose and return hose is clamped so it cannot chafe. (don't ask how I know this
Actually if you did not send the turbo out yet, you have other options. You can use a Holset H1C (or WH1C) turbo. There are usually several available on ebay, etc. as they are take offs for performance upgrades form the Dodge pickup truck crowd. They will bolt up to the flanges, but you would have to adapt the air inlet and outlets (easy to do).
This would be a slight upgrade to the 3LD turbo and supply more air if required.