A 3/16 will be moving dirt 3 X 16" X 8" depth = 384 square inches = 2.66 square feet.
As you plow deeper you increase the probability of hitting hard soil.
If you are breaking sod, draft force will be greater than if you are plowing annually.
You need to pull plow 4-5 mph in order to flip soil properly.
I think you will be OK with 3/16" plow if it is in excellent condition.
If your tractor has R4/industrial tires or plow has dull wear parts or a rough moldboard you will be marginal or fail.
JD plows were made by various manufactures for JD. They have a slight reputation for being harder to pull than other brands.
One can plow 7-9" deep with a 16" plow and still flip soil properly. Moldboard plow are not very flexible. You do not want to surface poor quality subsoil.
You will be glad you have 4-WD. You will need plenty of throttle. I hope you have ag tires, not industrial tires.
If you do not have prior plowing experience I would not begin plowing experience with an old 3/16" behind a Mahindra 4530 in heavy soil.
OTHER EXAMPLES
A 3/12 will move dirt 3 X 12" X 6" depth = 216 square inches.
A 3/14 will move dirt 3 X 14" X 7" depth = 294 square inches
To me, either of these alternatives would be preferable to 3/16" for Mahindra 4530.
(3/16 plow creates 50% more draft force than 2/16)