Norvicute is right. If the difference between your flow and demand is minimal then it won't have too much of an effect on your operation. On the other hand, if there is a significant difference between the supplied head and demand of the pump then you could experience significant wear on your equipment, and shortened equipment life.
If you don't require the pump to run at 100% capacity then the most simple solution is to install a VFD. This would also most likely result in a reduction in energy costs. Look at these guys, they manufacture an excellent Variable Frequency Drive, not to mention they will provide a free estimate on energy savings and payback times;
www.usa-emotron.com
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