Where do you say that it is half load, and how do you know that? I see a motor with perfect voltage balance, perfect current balance, running at 103% of nameplate FLA, and tripping within 1.3% of the OL relay setting. Looks normal to me, especially since most bimetal OL relays are only accurate to withing +-5%.
I assumed you have a bimetal OL relay since you stated a "setting" (not available on melting-alloy) and you did not say it was solid state (and I assumed you would if it was). A NEMA OL relay trip curve should trip in about 2 hours at 100% of the setting point, and it is considered acceptable from a QC and UL testing standpoint if the relay trips early (most people don't know that) since it's primary function is to prevent a fire, not avoid a nuisance shutdown. If it has tripped several times, a bimetal OL relay will build up a thermal memory as well, taking less time to trip. If your motor is rated for a 1.15 SF you could look at using a higher setting, but no more than 258A, and even then you can expect reduced moto life. Even so, I would replace that OL (or the heater elements if they are removeable), and I personally would go solid state if it were my money.
If you are in the US (again, an assumption based on 460V/60Hz stated) it is unlikely that your motor was wound for Y operation, it just isn't done that often here. A similar situation however would be that it is a 230/460V motor, and you accidentally used the 230V connection pattern. If you are indeed at a fraction of the known rated load capacity of the motor, that is a likely problem.
"Venditori de oleum-vipera non vigere excordis populi"