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Dave Martindale

writes:

Should be fine ... you already tried it. There will be a bit less torque
and power.

And more current. Thus more heat, both for the battery and the drill
motor. Might shorten life of both.

When will this insanity stop? In a DC motor less voltage means less
current, not more. ... by the square of the difference.

In a permanent magnet DC motor, less voltage means lower speed. The
current is determined by torque, not voltage. If you're driving
something that takes more torque at higher speed, then reducing speed
also reduces torque and current. But with a constant-torque load, the
current will be about the same at any speed.

Dave