265/70R17 is 1.46" shorter than 255/80R17, a −4.41% change in diameter. That is more than the 3% many tire shops use as a limit, so plan on recalibrating the speedometer and checking ABS and stability control.
Ground clearance changes by 0.73" (half the diameter change), and the tire needs 0.73" 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 0.73" shorter on 265/70R17.
Details: 255/80R17 in inches · 265/70R17 in inches · change sizes in the calculator