It really depends on the design of the soft starter as to whether it can be used continuously or not. As to the purpose of the bypass, it can be for various reasons. The two most common are those mentioned above: to take the electronics out of the circuit (and their associated losses) once the motor is up to speed; to start the motor across the line when the electronics fail.
I have seen one softstarter that was actually a VFD with the cooling system removed. It was limited to about a 1 in 20 duty cycle with a maximum of about 5 minutes at full current. After bringing the motor to full speed, it performed a line synchronization and closed the bypass for a bumpless transfer.
I, too, do quite a bit of large motor work, and for most large motor applications, the cost and foot print of the bypass are well worth the investment. I've seen start ups last over 6 months for older systems. Were I a salesman (I'm not a good enough liar), I'd try to get the bypass added to every large motor control scheme.
In your case, since you are running at a fixed maximum speed once you are up to speed, your process controls (vanes, valves, etc) must already be in place. A VFD for you would be redundant to these controls (and probably worth the money in the long run, regardless).