...it seems that with diesel engines the torque is maybe more important than horsepower.
There is no way to "measure horsepower". The only power metric you can measure is torque. HP is just a way to express the work of torque and is actually a very simple formula, i.e. torque x RPM x constant.
IOW, if a torque "curve" is relatively flat all you need to do to get a higher HP number is increase RPM. From everything I can tell this is what M-F did to get more HP and pump flow out of the 1705. They did change the injector pump, because the one used on the 1705 was at the borderline of being able to provide enough fuel, and the higher RPM/HP required more than it could keep up with. The hydraulic pump on the 1715/1720 is not bigger or more efficient, it simply turns faster, which provides more flow.
Bottom line is, if you run a 1705/1710 and a 1715/1720 at the same RPM (up to the max 2750 or so on the 1705) you will get the same HP. The only reason you get more HP with the 1715/1720 is because they have allowed it to rev higher (3000 RPM).
One major difference is that the gearing of the PTO is different between the 1705/1710 and 1715/1720 so that the PTO output remains 540/2000 at the rated HP. So even though you will be generating the same HP at, say, 2600 RPM on both variants, your PTO speed will be slower on the 1715/1720.
FWIW, the HP rating on the 1705/1710 (which is the same on the 2300/2400) is at 2600 PRM, but according to my manual the High Idle of that engine is 2660-2760. So assuming the torque curve is still pretty flat at that point (which, barring fuel starvation because of an inadequate injector pump, it must be, based on the 1715/1720 numbers) the difference between 2760 and the rated 2600 is just over 6%. So if your 1705/1710 came from the factory tuned at the high end of the range (or you get your mechanic to do so) you will be roughly halfway to the rated HP of a 1715/1720. Again, the major difference being that, if you are using PTO powered implements, their speed will also be proportionately higher. Whether that makes a difference, good or bad, may vary. But it's pretty good as far snow throwing goes
