That's not quite correct. Its not 250% of the largest motor plus the fla of the other motor, its (not to exceed) the largest rating or setting of an OCP for the largest motor plus the fla of the other motor.
For instance, if you had one 20HP and one 7.5HP, 460V motors, the method you describe would allow:
2.5*27+11=78.5A, or a 70A OCPD.
430.62 allows:
2.5*27=67.5A or a 70A OCPD (next standard size up)
70+11=81A, or an 80A OCPD.
Your two 20HP motors would be allowed on a 90A feeder OCPD.