No, this won't work at all. The motor used in a spindle which the vfd can control is totally different. It's a synchronous motor. It spins at the speed of the frequency sent to it. That's why they are great for our purposes there. The motor in an air compressor is probably just a series wound motor or ac induction motor with a starter. Totally different.
You can't really derate it like that, because it needs to draw enough current on startup to get the motor going. You can replace it with a smaller motor.
You could *try* using an SCR type motor speed controller, which is sort of like PWM, or just PWM with a very large transistor. However this would reduce the torque your motor produces on startup. You might get away with it a bit, but it might stall when the air presssure is higher or it might overheat more. Motor efficiency can be reduced by such measures, and overheating can, ironically, result, even though you tried to reduce motor power.
Sorry, it's not so simple as that. You won't get the power output from your compressor anyway, you might as well get a smaller cheaper compressor instead. There's no point trying to reduce the power of an expensive compressor.