Yes, it'll work, the buckles have gotten smaller over the years, you just need to order new caliper straps with the buckles. From the Sidi America site:
ARE ALL SIDI BUCKLES AND STRAPS INTERCHANGEABLE?
All side mounted buckles share the same attachment screw. The ratchet straps specific to each buckle fit interchangeably into the slot in the outside of the soft instep closure system. So there is no problem retrofitting an older SIDI shoe with the new SIDI Caliper buckle, just make sure to replace the ratchet strap at the same time.
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I obtained repacement buckles for my nine year old Sidi Megas (one buckle was damaged in an accident).
The buckles are more compact now, and I discovered that the original caliper strap was now too wide to fit into the new buckle.
I checked the SIDI website and they advise to replace the strap (part SID0021) whenever you change the buckles (The straps are made to be compatible with older model shoes).
Therefore, if you are going to buy new buckles, make sure to get new straps.
BTW it worked fine for me.