Too much buldge looks wierd and will let the tires "roll over" in harder turns easier (not the car itself, just the tires... lol). Its not the end of the world though. It would bludge over the sides of the wheels, because the tire is too wide for the wheel.
A little bit wont hurt anything and will give an agressive looking stance.
245 is the max recommended, but guys run 255's with no issues.
You can do 275/40/17's, but will have bulge. The bulge is flex in the sidewall, so while it may look good, the car may not handle as well in corners due to the sidewall rolling a tad.
Except that a 255-45-17 makes your speedo read a tad high. Really though its the widest I would run on a stock size wheel unless we're talking about a 275-40-17 Nitto DR
275 40 17's here aswell in the rear on my stock Bullitt rims,and ZERO issues!!But it also depends on the tire brand/company too.
But i think it looks better ..... in my opinion!!