No,
most splash-lubricated, single-stage compressor pumps are designed to each operate at a recommended RPM. For example:
Grainger's SpeedAire Line of Single Stage Compressor Pumps
You will see that each has a single RPM specified.
Run the pump too slow, and you get lubrication problems (dipping slowly does not make much of a splash). Run it too fast, and you have heat and/or structural problems. Obviously the manufacturers allow for for some safety margin, but a safety margin is not the same as a safe operating range.
If you don't know the maximum safe speed for a pump, then it is the speed that it is runs the stock configuration until/unless the manufacturer publishes a different spec or grants you a waiver to run it faster. I recently retired from an engineering position at an aerospace company, so I'm not a "spin-it-faster-and-see-what-happens" sort of guy.
Most compressor manufacturers run the pump at, or very near, the recommended RPM to be competitive in the marketplace. You don't see a manufacturer paying for a 5 HP 700 RPM pump and then running it with a 3 HP motor driving it to 420 RPM (3 HP/5 HP * 700 RPM = 420 RPM).
And just because it doesn't immediately self-destruct doesn't mean that you're operating within the range or that it's going to last long.
Ultimately, you gave good advice -- don't waste your time for 2 amps.