I would prefer VSDs for screws rather than recips. I have been discussing with manufacturers about variable speed recips but no concrete decision so far.
Some darwbacks I presume are,
1. Ineffective lubrication, if the oil pump is connected to crankshaft.
2. Increased vibration due to imbalance at other speeds than designed.
I saw and used good many refrigeration chillers(screw and centrifugals) with variable speed application. I have reservations for using VSDs with screw air compressors. Proper receiver sizing, minimization of leakage and correct usage pressure with compressor on/off(or load/unload atleast) will give better results and at reduced investment.
PS: Power consumption reduces if we reduce mass flowrate through a compressor.
Regards,