Let's do the math.
The motor is designed to put out full rated torque at 60Hz. 3HP, = 9ft-lbs of torque (assuming 1750RPM design speed). Also assuming 230V, the torque rating is based upon the V/Hz ratio being 230/60 = 3.833:1. When you increase the Hz to 167, but you cannot increase the V, the ratio becomes 230/167 = 1.38:1 1.38/3.83 = 0.36, so your motor is only able to produce 36% of it's rated torque, so a little over 3.2 ft-lbs. In addition, the PEAK torque capacity of the motor, the torque it uses to accelerate or RE-accelerate a load, is reduced by the SQUARE of the change. So your motor is only producing 13% of the PEAK torque it is capable of (peak torque is usually 200% of full load torque), so essentially you have even LESS torque as soon as you load the motor, about .74 ft-lbs. of torque. So you have gone from 9 ft-lbs to 0.74 ft-lbs of torque by pushing the motor to 167Hz and it can't even accelerate itself, let alone another load.
The issue is, just because the drive CAN make the motor spin faster, doesn't mean you will be able to use it. That feature is for allowing the use of specially designed motors, often called "spindle motors". They will be designed around a higher V/Hz ratio.
A "trick" you can do however, IF your motor is designed as a "dual voltage" 230/460V. Wire up the motor as 230V, but get a transformer to boost the line to 480V, then go buy a 7-1/2HP 460V rated VFD (15HP if you have single phase power). You program the drive to put out 60Hz at 230V, then you can run it up to 120Hz and give the motor 460V, which is still 3.83 V/Hz, just like it wants.