I'm pretty sure it can be done, BFG's site says a 295 is suitable for 8-10" rims. I wouldn't get too comfortable with 295s, they stopped producing them but are going to remake them again. But, they may stop again as well. The market isn't too big for them. 275/60s are the gold for BFG T/A Radials. So setting a car up solely for 295s is risky. I'm pretty sure 295s on an 8" rim will also increase the sidewall bulge dramatically. A 10" rim will keep it more "square" if you will. An 8" rim will bulge them out and have less tyre in contact with the ground due to pinch. I honestly don't see 295s as an improvement and would back 275s them outperforming 295/50s on the 1/4 (not track though). Mods for very little and in real world driving you won't notice any difference + the lower OD. Each to his her own though.
0.02C