I agree with you on the conductor size, but determining the value of the feeder protection device does. 430.62A says the feeder "shall be provided with a protective device having a range or setting not greater than the largest rating or setting of the branch circuit short circuit and ground fault protective device for any motor supplied by the feeder [based on the maximum permitted value for the specific type of protective device ..."
My situation is two 480V 3-ph motors, one with 34A FLC, and the other with 4.8A FLC. Feeder size per 430.24 is (34A x 1.25) + 4.8A = 47.3A, so I use 8ga wire. The feeder protective device will be a breaker. The branch protection will be the class CC fuses. The commentary for 430.62 in the NEC handbook says "For the purposes of sizing the feeder protection device, it is assumed that the same type of protective device is being used fo rthe feeder and branch circuits" This is where I'm totally confused. Am I just reading too much into it?