Russ,
I don't know how that drive works ie; remember in a typical ac motor if one lowers the voltage the amps go up ( that's how you burn up motors
since the resistance to the increased current becomes heat and without thermal protection amps go to infinity if the ability is there to do so).
Typicaly for a stepper a low voltage will limit the max rpm possible since the the abillity to energise the motor winding is diminished. If voltage is ok but amps are low the motor won't work right, since you can't energize the inductive field enough to hold the torque or step it. At very low amps it may not even turn. The lower the inductance of the motor the faster the current gets to the windings. If one increases the amps it works correctly but then as the fields alternate the losses due to inductance becomes heat. Putting fins on the motor would allow for conducting some of the heat away ( maybe 10 degrees or so unless you have forced air cooling / convection like a fan blowing over the fins).
But forget all of the above since don't know how that drive is sensing current or voltage and adjusting accordingly given some designed inductance.
So not sure what affect putting additional external inductance will have on the drive and for that matter how the phases will react to the external inductance.
I would call Parker and talk to one of their tech support guys. Sometimes if you just tell them upfront what your concerns are and that your trying to save some money for the "company" ( btw, some are responsive to hobbiest if they are not busy!) .
Always interesting to find out dumb ( hey hey ....me

not you folks .....) when you get into the expertise of a different discipline.

RICH