305/30R20 is 0.37" shorter than 275/35R20, a −1.36% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.19" (half the diameter change), and the tire needs 0.19" less room above it.
305/30R20 is 1.18" wider. On the same wheel offset about half of that, 0.59", moves toward the suspension and half toward the fender.
Both fit a 20" wheel; the sidewall is 0.19" shorter on 305/30R20.
Details: 275/35R20 in inches · 305/30R20 in inches · change sizes in the calculator