So I still don't get the issue of the reversing starter if you have a VFD, because the VFD can be told to reverse the motor very simply, no contactors needed.
Are you replacing the VFD with a reversing starter and want to know if leaving the reactors in place is OK? If so, yes, but you will waste a little energy through the reactors.
Oh wait, are you wanting to use the over sized VFD instead of a reversing starter and want to know if having the line and load reactors on a smaller motor is OK? Then yes again, but same issue.
Generaly it were a vector drive, you couldn't use a 5HP drive on a 3/4HP motor because it's too small; most vector drives will have a lower limit of 50% of the drive rating, because for the vector to work it needs accurate current information and below 50% rating the measurement error gets in the way. But the PF4 is not a vector drive, so it doesn't care.