74Elsinor, there are some similarities here with another very recent thread that may be of interest to you:
thread237-150374
This question about SF comes up quite frequently and is always a bit difficult to answer because of the imponderables, so the advice is invariably to play-safe.
Be clear about what is meant by rated current. When a new motor design is type-tested by the manufacturer it receives a continuous load run at rated current and rated speed until temperatures stabilize, to confirm that the winding temperature is below that (by an undisclosed safety margin) permitted for the class of insulation at the specified ambient temperature. It is most likely done on a sine-wave supply. One obvious reason for the safety margin is that motors of exactly the same build quite frequently give differences of up to say 10°C on test.
How that relates to your application is the big question; for instance, what do you mean by "extended", and how predictable is the application process.
The penalty of exceeding the permitted winding temperature is often quoted as halving the insulation lifetime for every 10°C ABOVE the permitted temperature. It's very approximate but it's all we have to go on.
It is certainly true that you can operate a motor above its continuous rating for short periods without shortening its life, it depends on the ambient temperature, the speed (if cooling is related to this), the RMS current calculated over the complete duty cycle (only valid if this period is short relative to the thermal time constant of the motor as seen by the winding), the emergency duty requirements. And probably other factors that I have overlooked.