A 225/55/17 will work fine on a 17x8" wheel.
But I do believe that the redline will not look "right" on a 17" tire.
I did the red pinstripes on my 17" plain black steel wheels that I run with poverty caps - and I think the placement of the stripe looks "normal" on the black wheel and the 17" tires.
I run 215/55/17's up front and 245/50/17's on the back. Car is lowered in front and I've added disc brakes on my '64, so I went conservative on the tire size up front. I have no clearance issues at all. Your '68 has more room inside the fenders than my '64.
I don't know that I'd like the redline on the aluminum finished rim.
But what I think doesn't matter - your car - do it your way.
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