Increasing the tire diameter by more than 3% is dangerous because it overloads the brakes and can cause brake failure. Just because everyone does it, doesn't make it right. As you can see by the comparison chart, you at over the safe limit as far as tire size.
From:
1010tires.com
Stock Tire - 245/70R17..................... .....Tire 1 - 305/50R20
Section Width:9.64 in245 mm...........Section Width:12.00 in305 mmRim
Diameter:17 in431.8 mmRim.............Diameter:20 in508 mmRim
Width Range:6.5 - 8 inRim.................Width Range:8.5 - 11 in
Overall Diameter:30.50 in774.7 mm....Overall Diameter:32.00 in812.8 mm
Sidewall Height:6.75 in171.45 mm......Sidewall Height:6.00 in152.4 mm
Radius:15.25 in387.35 mm..................Radius:16.00 in406.4 mm
Circumference:95.81 in2433.5 mm...........Circumference:100.5 in2552.7 mm
Revs per Mile:681.9..............................Revs per Mile:650
Actual Speed:60 mph........................100 km/h
Speedometer1:57.1 mph....................95.3 km/h
Speedometer Difference: -.....................Speedometer Difference: 4.907% too slow
Diameter Difference: -
Diameter Difference: 4.69%