It's similar to the argument of a vehicle changing from 60 mph to 80 mph. Same vehicle. Same road. But, you need 2.35X the horsepower to push the vehicle through the air at 80mph when compared to 60 mph.

Same thing with the compressor. If you want to move more air (increase the rate of delivery), you need more horsepower to do it.

Nothing is free.

all true, but you need to consider the volume of air pumped increases to the cube the hp required to move it. it's semi linear. now, most manufacturers under drive their compressors due to the need to operate at 110v, and 220v, but doubling the RPM will increase to the cube the HP requirements, but it's not known what the exact requirements were to start with. the motor may have been oversized by 50% or 100% to keep it from overheating. so you may have some room to play with.

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How hot does it run now? Most compressors I've seen get very hot during hard use.
Even if it has enough torque to start up I suspect it won't last long before you smell the motor windings.

My compressor gets very hot, but the motor runs cool.