Not saying this should be done, so take this as you wish.
The lifting capacity stated is a combination of relief pressure settings and cylinder size. If you set the pressure and cylinder sizes, you know what amount it can lift. The motor will only really bog right down if you try and push full pressure and full flow to the lift cylinders, so i think you could feather it to get the extra lifting power
BUT
If you were to increase the relief valve pressure, the cylinders can exert more force, giving more lifting power. The issue here is you need to counter balance these forces. You can have a machine that can lift 20,000 lbs but you need the appropriate amount of counterweight on the rear to not allow it to just topple forwards. This is where you will have issues. If you fill your rear tyres with water, you will increase it's weight to help balance.
You then run into issues of hoses, are they good for the extra pressure? if they are old, they really should be replaced and you can use higher pressure rated ones.
To be honest, if you bumped up you rrelief a bit, added some counter weights, you may be ok to unload the full load, but it sure will be light on it's back tyres. I found that my tilt cylinder had more power than the lift, so get under the palette, tilt forward, lift all you can, then tilt back to get it up in the air. Keep the load low and move it to where it's needed. Not ideal, but can get you out of the poo when needed.
I'm lucky enough to have my little machine and a bigger one for the occasional times it's needed for heavy stuff.