Compressors that are designed to load/unload are routinely run over their 'nameplate' FLA rating. This happens close to the high pressure cutoff point. This is done by design. The cyclical operation of the compressor starts them with the low pressure switch way below their FLA and the amperes will rise as the pressure rises. After they reach the cutoff pressure, they are shut down and wait until the low pressure calls for operation again. Druing the rest period the motor is cooling down. This cyclical loading results in the net I^2*t to keep the motor winding thermal profile just below the damage curve that a motor is designed for continuous operation. Remember that a motor is allowed to 'experience' higher than nameplate current for momentary - starting - or short periods of overloads - like above - without it adversely effecting its design service life. Overload protection is designed to accomodate these conditions, see Class 10, 20, 30 or even higher overload designs as an example, or installed RTD protection that allow overcurrent to occur if it does not result in adverse temeprature rise because of lower than design ambient temperature, etc.
Having said that I would be hesitant to raise the HP cutoff above the manufacturers recommendation, but if the overload is properly sized the motor would still be protected, you may just experience nuissance trips.