VFD's, running a larger motor than the rating....

Group,

Maybe someone knows the answer....

Are there any bad effects of running a larger motor than a VFD is
rated for? For instance, if I had a 5hp motor and only had a VFD
rated at 3hp. I would set the VFD's max amps output at the
approximate setting for a 3hp motor, so the 5hp motor would never be
running at it's nameplate current rating. Would I get the equivalent
output of a 3hp motor from the 5hp?

This seems like an easy question, but every motor guy I've asked
doesn't know the answer (or tries to sell me a bigger VFD).

thanks,

Doug