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Any motor can be run at any voltage and frequency that will not overheat the motor and will supply the required output torque at required speed with the required speed regulation.
For an AC induction motor the speed is relatively constant at a fixed frequency. However, speed does drop as load is increased.
Output shaft mechanical power has to be supplied from input electrical power. Input power is output power plus motor losses. On this basis as an approximation as voltage goes down current has to increase. As current increases motor I^2*R losses increase. On the other hand as voltage goes up magnetic and eddy current losses increase.
If a motor is lightly loaded mechanically you will be able to go to lower input voltages. But other factors might prevail.
A compressor is a heavy load application. If the motor is slow to start, in other words does not just jump to full speed, then I suggest you have a problem. If you could get information from the motor manufacturer on a maximum motor surface temperature, then under load you could determine if the motor is getting too hot.
Are you saying that line voltage is 206 unloaded and 195 at maximum load, then your drop is 11 V or 11/206 or about 5% from the load. Less drop would be better since you are on the low side of 208, but this might be OK. The startup and temperature factors are your primarily concern.
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