OK guys, we are deviating a bit from my initial problem, although some very good points are coming out of this thread.
Here is my setup. It is an American built machine, so our voltages are different, we use 380V three phase here. Two 11Kw motors connected to one 22Kw drive. Nothing spectacular about the setup, it has a jog speed and a run speed. The operator has access to a speed control pot, product A runs at X speed, product B runs at Y speed etc, he sets the speed by a rpm meter, speed control is not critical, 10rpm either way is no train smash. This machine was built for our European sister company, but relocated to us.
My problem is this, the blown drive is rated at 230V three phase and the motors are wired for 230V three phase. The way we were running before is having a 380V / 230V three phase transformer to give us the required voltage. Yes it is a fairly large transformer. This drive is the only one rated at that voltage we have in our entire plant, hence my desire to change it to our standard make of drives we use, only 380V three phase drives. I could change the motors as I said previously, but if I don't have to would be a bonus and wire them for 460V, use a 380V drive, and then tweak max frequency to negate the speed loss obtained to get my required rpm out of the machine. I have no need to go above 50Hz to the motors
Our supply is 50Hz and the motors are rated 60Hz
I hope this makes better sense of my situation
Once again, thanks guys for the input, some very interesting thoughts and views