Good grief guys! In my opinion, you are murdering the subject with ridiculous complexity.
First, a 40hp NEMA motor is almost certainly wired delta internally so changing from wye to delta is not going to be possible.
Second, by the time you buy autotransformers and a 600V drive, you've got to be awfully close to buying a 50hp 480V drive and motor and doing it the usual way.
Third, if I am reading the original post correctly (not always a safe assumption!) the poster was wondering what more he could get out of his EXISTING equipment since the motor was not at full load at base speed.
Finally, 460V 60Hz motors are, these days, under considerable stress to develop normal operating lifetimes as they are. Increasing the V/Hz curve upward to 500+ volts and correspondingly higher frequencies is probably going to cause short motor insulation life.