OOPS, Jraef and skogsgurra:
Assuming we discuss an ordinary AC induction motor:
1) Yes, the motor will run at 5/6 speed.
Provided the supply voltage is also 5/6 of the nominal voltage for the motor, this is appropriate. (As correctly stated by Skogsgurra).
But:
2) A normal AC motor will put out as much torque as the driven machine requires, until it stalls.
This will in many applications be OK, but expect only 5/6 power output from the machine. The current uptake and heat generation will also remain what it was at 60Hz. It might run a little hotter, due to the reduced capacity of the fan.
3) There is no direct dependency between variation in reactive power uptake and variation in frequency. If you look at the equivalent diagram for the motor, the L (inductances) should remain constant, so the reactances should be proportional to the frequency.
This is all for now, as I'll try to keep it short.