265/70R17 is 0.45" shorter than 255/75R17, a −1.41% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.23" (half the diameter change), and the tire needs 0.23" less room above it.
265/70R17 is 0.39" wider. On the same wheel offset about half of that, 0.20", moves toward the suspension and half toward the fender.
Both fit a 17" wheel; the sidewall is 0.23" shorter on 265/70R17.
Details: 255/75R17 in inches · 265/70R17 in inches · change sizes in the calculator