I think that the effect would be the destruction of the PFC caps, unless they are put in series with an inductor (as they are in a dV/dt filter), in which case you add a voltage drop and risk the loss of maximum torque capability in the motor. And for what? There is no real point in using PFC caps on the output of a VFD, the VFD will present a .95 displacement PF to the line anyway, so what's happening below the VFD is irrelevant. As to it POSSIBLY allowing for the reduction of conductor sizing, that is only theoretical because in most cases the minimum conductor size is dictated by installation codes anyway. In addition, the capacitor charging current would have to come FROM the VFD output, so the VFD would have to be over sized to allow for that, and any theoretical conductor cost savings would likely go to that. But again, it's a moot point, the capacitors alone would not survive.
" We are all here on earth to help others; what on earth the others are here for I don't know." -- W. H. Auden