Re: fire pumps,raceway condensation
One remedy is to seal the conduit openings to air from getting in the conduit right outside the condensing areas. Be sure that whatever sealant you use does not damage the insulation on the wires. Fiberglass works well and can be removed in the future.
Not sure about that "EFF". Do you mean efficiently or effectively?
The motor will work, for how long is anyone guess but it will be effective while it does.
Efficiency will drop considerably and the motor will pull more current than at 480V. Overloads are not an option on a fire pump.