I presume we are discussing a non-condensing turbine, which operates with constant pressure (450 psig), saturated steam at the inlet and exhausts at a constant pressure of 110 psig. The general effects of operating at reduced load can be seen by using a Mollier diagram. If you plot the expansion line for the rated load case, it will have a relatively steep slope. My guess is that the isentropic efficiency will be about 70% at rated load. Based on an assumed efficiency of 70%, the quality of the exhaust steam will be about 93.2% (6.8% moisture).
If the same conditions are maintained at the inlet and exhaust of the turbine, and if the load is reduced to a value less than rated, the expansion line will have a shallower (flatter) slope because the turbine is less efficient at loads lower than rated. With lower efficiency, the quality (and enthalpy) of the exhaust steam will increase (moisture will be lower). Therefore, I would expect a lower erosion rate at reduced load.
I have attached a Mollier diagram (form) for the 1997 steam tables if you would like to plot the expansion lines.
I do not foresee any major problems operating at half capacity. In general, excitation forces are reduced at lower loads so I would not anticipate vibration of components leading to high cycle fatigue if problems have not been encountered operating at rated load.
Please note that the same analysis might not apply to a condensing steam turbine.
Best of luck!