low output is considered less colored / distorted due to the reduced number of coil windings within the cartrige. Note that I say "considered" because that may not always be the case. But the bottom line is that if there's any 'sonic benefits' between low vs high output, the low output would probably be considered better. I do not know enough about the various products available that I could even have a qualified opinion in that regard, although there are many members here who do.
The specs on your Parasound may be rated in terms of the "dB gain" of MM and MC stages. Higher gains are required for lower output cartriges. High gain (I believe) is in the range of 60, 65, 70dB. Lower gain might be more like 45 or 50dB. Someone please correct me if I'm wrong.
A commonplace work-around for using a low output cartrige with a lower-gain phono stage, is an outboard phono step-up transformer. These can range in price from the economical to the absurd. I once used a Signet transformer with satisfactory results for not a lot of $.
You might consult with your local dealer, or the manufacturer's customer support dept. in order to determine the best way to go.
Also consider a variable reluctance type cartrige design (Grado) which can yield higher outputs without the drawbacks of more coil windings. This is a whole 'nother topic' so I won't go into detail, although there's much info already available in the analogs forums archives.