It's OK as long as you know what you are doing. The problem isn't the pulsation, it's regeneration. On the "down stroke" of reciprocating loads, the motor can over speed slightly relative to the VFD output frequency and regenerate, then the VFD absorbs that. But in a lot of cases the regen may end up being more than the VFD can absorb and it charges up the DC bus to the point where it eventually trips on Over Voltage. There are several mitigation strategies now for that.
One is to use a drive with a feature designed for this application, which basically monitors the shaft load on the fly very quickly and when it sees the load drop, it backs off on the excitation to help avoid the regen. This is essentially a "freebie" feature in that it takes no added hardware, but not all drives have it, and those that do will not be the low end versions.
Another way is to install dynamic braking, where a resistor bank is attached to the DC bus with a braking transistor. When the DC bus voltage climbs to an unacceptable level, the transistor fires and dumps energy into the resistor. This however requires that dynamic braking package hardware to be added to the VFD, plus you have to deal with the heat from the resistor bank.
A third way is to use a Line Regenerative Drive, a special version that is essentially like two drives in inverse parallel. So instead of a simple rectifier front end, you have a transistor based front end that is used to pump the regen energy from the motor back into the source. There are several versions of this to consider, but they all involve more hardware and is the most expensive option.
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