Your pipe spec is SS347 for some reason. Maybe the offset maximum design temperature is higher or in the past / design phase, possibility of inter-granular corrosion was found/estimated. Or else
That you need to understand the philosophy first.
Once you accept the SS316L, the next replacement more likely to be SS316L also (in the next 3-5 years) and deviates further from the design selection.
Refer to ASME 16.34 table 2-2.2, both material belong to different regime. Even though the value is almost similar, this is not apple-to-apple. More to apple to peach.
There is also a major risk that shall PWHT required for the dissimilar metal weld will soften the SS347 (your existing Pipe spec I presume) material to a yield and tensile strength below code minimum requirements.
If the risk has been assessed. The operating temperature is below its Maximum design temperature and controlled. Minimal inter-granular corrosion possibility, less critical parts of your plants, etc. then the decision is yours.
Regards,
MR
All valves will last for years, except the ones that were poorly manufactured; are still wrongly operated and or were wrongly selected