Disclaimer: I'm not a PE. The biggest motor I've designed against was 300 watts or so, and the biggest motor that I've been an Electricians Monkey for was 10HP, and that a long time ago.
What I believe: It'll be fine. At worst, you'll need to derate it by 5%, to match the 5% drop in input voltage.
Any motor that's rated at a particular nominal voltage and frequency is going to be pretty forgiving of excursions around those rated conditions, or the motor company is going to have some pretty pissed off customers. Bigger motors will be less so, because if you can afford a 150HP motor and a place to put it, you can afford to have some pretty capable people tending it, but that doesn't mean you won't have it installed into some concrete mill off in the mountains someplace.
So, based on what I do know about induction machines and motors in general:
- You're dropping the voltage by around 5%. That's not even a noticeable power drop for most electrical services. So that's a good sign, and my argument for "it'll be fine".
- An induction machine is pretty laid back, and turns at a fairly constant rate with respect to the power supplied -- that's why they're popular. So if you drive it with voltage that's a bit low, then it'll slip a bit more (that 3510 RPM comes about because the motor wants to turn at 3600RPM = 60Hz exactly, but slips a bit).
- If you have good reason to believe that a motor is operating efficiently, you can make a lot of predictions of that motor's behavior from conservation of energy arguments. It's an induction motor, so it'll turn at, essentially, 3600RPM. Power in equals power out, and power in equals current times voltage. So if you drop the input voltage by 5%, and the output speed doesn't change significantly (it won't), the input current has to go up by 5%.
- By and large, the amount of power the motor can handle is a function of a do-not-exceed input current and a do-not-exceed input voltage. You're certainly not exceeding the input voltage, but you need to limit the input current -- you need to do this by derating your installation by 5% (or by counting on 440V being close enough). There will probably be increased current in the rotor, but it shouldn't be much -- and see my comment about a mere 5% change in input voltage.