The Baldor tech reference document, a collection of papers by Ed Cowern, agrees with you, and explains it.
EFFECTS OF HIGH VOLTAGE
One of the basic things that people assume is, since low voltage increases the amperage draw on motors, then by the same reasoning, high voltage would tend to reduce the amperage draw and heating of the motor. This is not the case. High voltage on a motor tends to push the magnetic portion of the motor into saturation. This causes the motor to draw excessive current in an effort to magnetize the iron beyond the point to which it can easily be magnetized. This generally means that the motors will tolerate a certain change in voltage above the design voltage but extremes above the designed voltage will cause the amperage to go up with a corresponding increase in heating and a shortening of motor life. For example, older motors were rated at 220/440 and had a tolerance band of plus/minus 10%. Thus, the voltage range that they can tolerate on the high voltage connections would be 396 to 484. Even though this is the so-called tolerance band, the best performance would occur at the rated voltage. The extreme ends, either high or low, would be putting unnecessary stress on the motor.
Great info, I am going to us this Monday. This account has a lot of potential. Thanks.