No, no reason not to. Just make sure you program the correct motor nameplate data into the drive. The only potential issue is that the programmable Motor Current range for the FM50 is 50-100% of the drive rating. So on a 1HP drive, it SHOULD be able to be turned down to what the FLC is for a 1/2HP motor, but it will actually depend on the FLC of the 1/2HP motor in question.
So for example, the FM50-101 is rated for 4.2A, which means you can turn the motor current protection down to 2.1A. But if your 1/2HP motor has a nameplate FLC of only 1.9A, technically that's too low for the VFD to protect it correctly. You could buy an external OL relay to solve that problem and still allow you the option of using the drive on a 1HP motor in the future, but that wioll cost you more.