Hi Virata
You are right, oversized motors keeps the system designer out of trouble but you the end user most waist an amount of energy and it is added costs, among others, the oversized motors motors will have problems like a high Inrush current and needs big motor protection (booth costs are very sensible when we speak about large motors).
M.O. is the vendor most provide one motor based in project calculation, so the vendor will be complete sure of the power that the application needs and don´t use an oversized motor.
Your Idea is good due to the use of one rightsized motor with any S.F will support eventual overloads ( if the overload is bigger the motor protection most act in order to avoid a damage).
Regards
Carlos