Depending on the new diode you get, you may need a new board altogether, as these boards usually supply 300-400ma. some diodes may need more than that (especially above 500mw). Also, the crystal is a weak link in this, as they can be damaged with too much power. I don't know the specifics of the ones used in leadlights, but I guess they're not capable of more than 500mw-1w. Also, more powerfull diodes come in 9mm casing, not the 5.6mm used in pointers, so you may need a new casing as well. Having come this far, you may want to change the battery type for more powerfull ones, say CR123 or D cells, so you won't need to change them so often, this, of course, requires a new case as well.
So, all in all, you may be better off getting everything new
. Again, it depends on what your intentions are. You could probably swap a 250mw diode with a 500 mw without any further modification, but increasing the power beyond that may require some major modding.
In my oppinion, there's no way you can get 300mw of green output from a leadlight, I'd venture to say the max would be around 100-150mw. For this, you'll need a very good set of crystals, and a 500mw IR diode. But the downside is the duty cycle, as there's not much heat dissipation from these pointers. You'll risk burning the diode, or more likly, the crystals.