The Abbriata square balers are modeled after the older New Holland, International, and JD balers that were made when tractors had less horsepower. People forget that although the older (1940's through 60's) tractors - Farmalls, Fords, Masseys, etc. were large frame tractors compared to today compact tractors, many didn't generate much more than about 20-25 horsepower at the PTO.
Yes, you could bale at the same rate (bales per hour of the same size) with either the JD or the Abbriata. Where you will run into trouble with the bigger baler is 1) Trying to feed a bigger windrow into the JD baler with wider pickup at the same ground speed, and 2) baling on hills, because the 348's weight could dangerously push your tractor around.