I think what we can all agree on is that old axiom, "There is no free lunch." You cannot get something for nothing, including getting more from a motor than it is designed to give.
But here is where the trick mentipned earlier can make it LOOK as if you are. So let's start with this to maybe help you understand, and taking your word for it that this is truly a constant torque application.
For the most part, torque and current follow each other.
Torque in an AC motor is also directly related to the ratio of voltage and frequency applied to it, the V/Hz ratio.
If I want to run a motor at 150% speed then, I need to accept two principals:
1) If I apply the motor rated nameplate voltage at 150% frequency, I am running it in Contant HP mode, meaning I begin to LOSE torque once I get over base designed speed. This is because my V/Hz ratio is dropping as Hz increases with voltage staying the same.
2) If I want to maintain the same torque at 150% speed, I must also then increase to 150% Voltage, so that my V/Hz ratio stays the same.
So under #2, since I am maintaining my V/Hz ratio, I am maintaining my torque, which means I am maintaining my current as well (in theory). Motor heating is mostly the result of current based losses, so I am not really over loading that motor in that sense, because my current is still within design limts. "HP" is just a shorthand notation saying xxx torque at yyy speed, so with the SAME torque and a higher SPEED, I am actually getiing more HP from that motor. But in reality, I am really still getting the same torque, which in the case of a constant torque application, is what I need.
Now the theory part. A little over half of the losses in the motor are associated with current, but not all. Friction and windage losses will increase with speed, and iron losses, which are based on applied voltage, will increase as well. So this robs your motor of capacity in that sense, because running at the higher speed will mean the non-current base losses become a greater percentage of the total. A good Vector drive however will be capable of optimizing the motor operation in terms of the some of the voltage related losses, so that will help. Still, a 1.15SF may not be enough if your motor torque requirement for that pump is right at the limit of what that motor can provide. If on the other hand you already had a 20% cushion in the design, plus a 1.15SF, you may be able to pull it off.
But still, it comes down to you being able to supply 150% voltage at that 150% speed.
"Will work for (the memory of) salami"