Tire Science 101
Actually, they would be slow. ie., your speedometer would be reading slower than your actual speed. Here's how it works:
A metric tire size is comprised of three numbers.
The first number is the cross-section width, that is to say, the width from the outside of one sidewall to the outside of the opposite sidewall with the tire installed in an optimal-sized wheel and inflated to recommended pressure.
The second number is a percentage. This percentage represents the ratio of the height of the sidewall (from the bead to the tread) compared to the cross-section width (the first number).
The third number is simply wheel diameter.
The various letters in between the numbers represent application and speed-rating data and are not important to this discussion.
Using this knowledge and a chart of manufacturer tire specs (Yokohama Avid H/V4 in this case), the following comparison can be made:
A 215/50-17 tire has a cross-section width of 215mm, a sidewall height of 107.5mm and a wheel diameter of 17 inches. The diameter of this tire is approximately 25.7 inches which makes the circumference 80.74 inches. If you rotate this tire 100 times, it will cover 8074 inches or 672.83 feet.
A 215/45-17 tire has a cross-section width of 215mm, a sidewall height of 96.75mm and a wheel diameter of 17 inches. The diameter of this tire is approximately 24.7 inches which makes the circumference 77.6 inches. If you rotate this tire 100 times, it will cover 7760 inches or 646.67 feet.
In each example, your drivetrain has traveled the same number of revolutions (100) but the smaller diameter tire has taken you a shorter distance, therefore you were traveling at a slower rate of speed. In this case, it was approximately 3.9% slower.
While the slower speed is an issue, it's not as much of an issue as a faster speed would be if you were to put a larger diameter tire on. Performance-wise, the smaller tires will accelerate faster but will have a lower top speed. The shorter sidewall will corner better but will have a harsher ride.
I'd try to stick with the stock diameter, regardless of the actual tire size. For instance, you could go with a 225/45-17 and it would have the same overall diameter and sidewall height but a wider section width. It won't fit on the stock wheels, though. You need a wheel at least 7 inches in width.
Hope this helps!