Joe - No it won't. Look at it this way, a motor does not decide how much power it will put out, that's a function of the load applied. If you have a 5HP load, any motor you attach to it will attempt to carry the load. If the motor is rated 5HP or above, it will drive the required load with relative ease. If the motor is too small, it may still do the work but draw more than rated current in the process and will overheat (#1 cause of motor failure). If the motor is small enough, it of course will stall out and overheat (more quickly).
Sometimes we tend to think about motors in a way similar to how non-electricians think of circuit breakers. By that I mean many people presume that if a CB has a number 20 stamped on it, there must automatically be 20 amps flowing thru it. We know the actual current flow is a function of the applied load. Same thing is sort of true for a motor, the HP rating is a maximum capacity rating, and that must be within the other nameplate ratings.
So, asking a 5HP motor to carry a 5HP load with less than rated voltage will not stop the motor from doing the work, but it will cause it to overheat from higher than rated current (sort of making up for the reduction in voltage). You can get away with a 230V motor on a 208V system as long as the motor is loaded to less than rated HP.
Radar
