Running the motor slower than its rated speed usually reduces the available torque. It depends on the drive set up to what extent, but it's probably pro-rata. The cooling of the motor is also reduced. The quantity of air shifted by a centrifugal fan drops as the cube of the ratio of the speed ratio, so in theory it's easy to get into problems with the cooling. In reality the current reduction as the motor is slowed mitigates this to some extent – probably (as the heating effect is I squared R) the actual loss of overall cooling could well be linear with the speed ratio.
Except that these motors on little machines worked not too hard are by and large immensely over-sized, and so running a machine at 10% of its normal rated speed is probably perfectly safe. You'll likely smell the toast if the motor gets hot before any real damage is done.
I've done exactly what you've done on five machines, by which I mean graft a VSD onto a motor running at the correct original rated speed. No magic smoke yet! I've also got an S7 I fitted a two pole motor to, I run that at all sorts of speed reduction and increase. Famous last words, but no smoke yet. I've also got a mill-drill I use the speed control instead of changing the belt positions (within reason) – works a treat.
For a horizontal mill you're usually looking for lots of torque and low surface speed with big cutters. So the ideal thing would be to be able to run at slow speed with the motor developing its full power – so the 6 pole (or even 8 pole) motor has it. So if you've got to buy a new motor, go for the slower one. But if you've already got a suitable motor fitted at 4 pole, I'd happily run it at 50% speed at see how it behaved. It's not going to overheat instantaneously, so check it as you use it, and see if all is OK.
Edited By Simon Williams 3 on 24/11/2017 20:18:16