305/35R24 is 0.57" shorter than 285/40R24, a −1.73% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.29" (half the diameter change), and the tire needs 0.29" less room above it.
305/35R24 is 0.79" wider. On the same wheel offset about half of that, 0.39", moves toward the suspension and half toward the fender.
Both fit a 24" wheel; the sidewall is 0.29" shorter on 305/35R24.
Details: 285/40R24 in inches · 305/35R24 in inches · change sizes in the calculator