No advantage with replacing it with a 2P motor, motors are both mechanically limited as to maximum speed and performance limitations when you go above and below the motor's designed base speed. A 2P motor will have less torque than a 4P, but one also needs to look at the mechanical advantage (gearing/pulley ratios) as to the delivered torque. When you run a motor on a VFD below the base speed torque can remain relatively flat (this is the constant torque ratio of the motor), but you loose the mechanical advantage. If you plan to run the motor at say 20Hz, then you would want to oversize the motor so the performance would be better at that speed.
With a newer inverter rated 4P motor they will normally spin upwards of 2X their base speed with no mechanical issues, there is some performance loss above 90-100 Hz. Usually a 2P motor is rated for 1.25x it base speed as to maximum operating speed. There are inverter/vector motor that will operate up to 3X their base speed with constant Hp. This depends on the size/Hp of the motor, so my mill has a 3Hp motor which operates as a single speed from 20-200Hz and a back gear. If you have a gear head, or a variable mechanical speed head you would not want to change the motors top end speed, you may also have limitations to the drive gears, pulley, spindle bearings, lubrication, etc. if you overdrive it to higher RPM's.
If you want a wider operating speed range using the variable speed of the VFD then you would probably want to go to the next larger Hp size, so from 1.5 to say 2Hp. There are also advantages to changing the motor drive pulley ratio so you might operate a 4P motor from say 20-120 Hz, with the same spindle speed that you currently get at 60Hz, i.e. a 4P motor will be in constant Hp from 60-120 Hz more or less. A good example is the conversion of a dual speed constant Hp motor (4P/2P) often used on mills for more speed range, when converting to use with a VFD you wire it for 4P only and run it to 120Hz. This gives you the same mechanical top speed as the 2P and the lower speed torque of the 4P at 60 Hz.