As one who regularly runs his trains below the min curve, all I can say is you have to try it. Everyone if different. You could ask here on the forums for someone that has one to try it on smaller track. I've done that a couple times. Besides it looking off, it may also be harder on the locomotive, putting a strain on things. Another thing is to watch out for S (Back to back) curves. It may go through a curve just fine at a smaller diameter, but come off the tracks if the curve go the other way. Some examples:
My MTH PS-1 DL-109 is rated at O42, but runs just fine on O36, S-curves too. But the trucks (pilot) stick way out.
My MTH PS-1 T-1 Duplex is rater at O72, it run on O48, but you can tell it's straining, but the center drivers are off the rails. I'd say it's okay on O54.
My Lionel VL Big Boy is rated O72. The locomotive can go on O54, but the tender could not. A friend has run his on O63 without issues.
My Lionel Heavy Mikado is rated at O54, but the following year the next ones were listed at O36. I have run it on O36 briefly and it seemed to do fine. Since it's officially my Christmas gift, I can't get it back out until then, so I won't have any long term results until next year.