If the motor has six leads brought to the terminal box and you can reconnect the motor to delta, it should run properly with 220 volts. If the proper leads are not available for reconnection the motor to delta, you can not run the motor at full speed with the VFD. You could connect the motor to the VFD with the motor wye connected, but you would need to configure the VFD to output 58% of rated frequency at rated voltage. Operated that way, the motor will produce rated torque for rated current, but can not operate at rated speed except at reduced torque.
At reduced speed, the motor will not move enough air over or through itself for proper cooling. That may prevent continuous operation at full torque particularly at low speeds. In addition, the insulation in an old motor may be less tolerant of operating at a higher temperature and less tolerant of the voltage transients caused by the VFDs PWM waveform. The voltage transient problem can be mitigated somewhat by locating the VFD near the motor so that the motor cable is short. There are also transient limiting motor lead inductors or filters for that.