I have a cheap Chinese 3 HP VFD mounted in a dust-proof box with a 3-phase power socket and a remote control box on a trailing lead. Any of machines in my "shop" can run off the box with the remote control moved to the machine in use.
It runs everything from a 1/2 HP blower, through a 1 1/2 HP lathe to a 3HP work-in-progress grinder. As Jim says, there's effectively no overcurrent protection from the drive itself when running a small motor on the big motor settings. It doesn't bother me much, as the protection is an "extra" and would not be there if I was plugging the machine directly into a mains 3-phase switched-socket.
It's no problem with V/F drives, but if you have a Sensorless Vector drive, it's unlikely that the rating plate power factors of the different motors will be the same. I don't know how much of a problem, if any, this will cause, but SV drives have some fancy electronics inside to tweak the voltage and maintain the programmed power factor. V/F drives "just" increase Voltage and Frequency in a fixed ratio.
Tim