There is a distinction that should be made between designing a system, making one work in the real world, and a practice that will jeapordize safety.
Service factors and raings are there to allow for unforseen circumstances. You shouldn't design a system that pushes into service factors or exceeds known ratings. When Murphy's law hits, and it will, your system won't function properly or will fail prematurely. Counting on service factors to cover situations you know about during design means there is no cushion left for the things you don't know about. Using a relay for a load known to be above rating is, in my opinion, bad practice.
When you are out in the field and you have to keep a system running you can use equipment on a temporary basis to get through a problem IF you thoroughly understand the application AND you understand the basis of the ratings AND you have field measurements to verify you will not cause problems. This should be a temporary measure only, under controlled conditions. The proper equipment should be installed and the marginal equipment replaced ASAP.
Safety practices should NEVER be violated, period.
In your case the probable result of running the motor on a slightly undersized contactor will be reduced life. If the underating is severe or if an unforseen field condition causes higher loading you could have catastrophic failure. How much money will you save after the cost of putting out the fire is factored in? I'd maybe let you use the contactors as an emergency field fix until the right part can be procured. If I was in charge I would not let you design the system that way.