DanDel,
Yes, it is done all the time. Actually, many drives 3HP and under do not necessarilly need derating. Check with your drive supplier.
HOWEVER, there is another issue for RTillery. IF the 2 speed motor was a constant HP 2 speed, you will have a problem at low speed because that motor will produce more torque at low speed and if your machine requires it, the VFD will not be able to deliver is running on the high speed windings. If it is a 2S constant torque motor, then no problem. If you don't know, the way to tell is to look at the nameplate. If it has 2 HP ratings, i.e. 3/1.5HP it is constant torque. If it has only one HP rating, it is constant HP.
Check it out and post your answer. If it is constant HP you have a little more work to do.
Quando Omni Flunkus Moritati