A deforming sidewall on that wholly unreinforced portion of a car tire seems to be a recipe for potential disaster, IMO.
I can only speak authoritatively about this based on 6400 miles of experience on a Toyo Proxes T1R 225/55 16, which when pushed hard in the twisties, will scuff the sidewalls up about 2" above the tread. if you don't charge hard in the turns, you more than likely will not see much, if any, sidewall wear, obviously minimizing your risk exposure.