Why water jet a counterweight? A table with plasma or oxy is completely sufficient and substantially cheaper.
Adding counterweight is a simple see-saw equation. If the bucket is 25’ from the pivot, the counterweight is 5’, then every 5lb of counterweight adds 1lb of bucket capacity, all measurements from their respective centers of gravity.
It sounds like the bucket is simply too big for your machine. The width of a bucket offers minimal context on it’s capacity... currently my mini that’s half the size of your 312 is wearing a 36” bucket, quick coupler, and thumb... no issue.