a 245-50 on a 7" may be fine, but not a 245-40....the sidewall wouldnt have enough give to make the bead seat properly. either way, the smallest listed rim width for a 245-40-17 is a 7.5", but if you look at any tire, the higher the sidewall, the lower the rim width required(like the fact a 265-75-16 is approved for a skinny 6.5" rim)
anyways, keeping the O.D. close to stock is the way to go, unless you have both the knowledge and ability to calculate the exact ratio you want in every gear and manipulate it all to your liking(most of us don't)-chet