Yes its likely to have issues, as it wont have enough reservoir capacitance on the DC bus to maintain its full load output between peaks of the rectified supply.
Assuming three phase input, its also likely that it will sense a problem with the input power and shut down at some frequency below its nominal operating range but above your supply frequency. Single phase input VFDs are less likely to have power quality sensing that will trip on low supply frequency.
If it doesn't shut down, it *may* be possible to run it at a proportionally derated output current without ill effects.