Assuming this is a single phase 110v (120v) or 220v (230v, 240v) design, yes, the motor will run 20% faster with 20% reduced tq. It will run a little warmer. But, not so much to damage the insulation. The real question is why? With the availability of 110v/120v 60hz and/or 220v/230v/240v 50hz motors, use the motor as it was designed. If this is a single phase 110v/220v motor, dynamics change considerably. Cap start? Cap run? PSC or Split?

AISI steel is (ferro) magnetic so it will have eddy-currents induced in it if used as the shaft AND rotor body in an 50Hz induction motor - both at start (standstill), and during running if the slip is high. If the eddy-current losses are substantial - they will increase the starting torque above the traditionally calculated torque, and they will also convert 60Hz to 50Hz during running under load. Your rated speed is 1192 r/min, which means you will have a slip frequency of only 50 Hz. In my opinion - this is too low a frequency to have substantial eddy-current losses induced in the rotor shaft during normal loaded operation. This also implies a 60Hz motor, and that your losses of 33 vs 44 must be in kW.