I want to know if I can "get away" with this combo:

I have a pair of 17x8.5 wheels, and I want to install a set of M/T 295/45/17 tires. According to Summit, the recomended wheel width for these tires is 9.5" to 11".

If I use this combo, am I asking for a disaster?

 

Define "get away with".

M/T recommends that the wheel be no more the 1" less in width than the tread on the tire. The ET Street Drag Radial II 295/45-17 has a tread width of 10.6". That's how M/T came up with their recommendation of a 9.5" - 11.0" wheel width. Won't be a "disaster", but it isn't going to perform as well as it would on the correct width wheel. Note also that the "Drag Radial II" is not the same as the highly rated "Drag Radial" model. Then consider it is a 27.2" diameter tire, and its going to make it feel like you swapped your 3.42 gears for 3.23's.

The tire has an 11.6" section width. That means that each side will be 1.5" wider than the wheel. Its going to look awful "bulgey".... and that may be a visual "disaster".