I agree about the 225/50's. They seem to roll over on me. I have two sets of Firestone SZ50EP's One is a 215/45-17 on OZ Superleggera's. I seem to get my best AutoX times on those, compared to the same tire in the 225/50-16 size, on E0 wheels.
SVTCole, (don't seem him around here anymore) kicks butt in AutoX with (IIRC) 215/40-16's on stock E0 SVT Wheels.
Wider is not always better, as you can go too wide for your wheels and the tires will roll over under hard cornering.
If it were me, I'd run 215/50-16's on the stock SVT wheels, and either a 215/45-17 or 225/40-17 on 17" wheels.
However, tire choice is probably as important if not more than what size you choose.
Bottom line is speed and handling cost $$$, so how fast is your wallet, LOL?
For drag racing, it seems like an easier decision. A stock SVT will need to shift to third and I doubt there is a larger tire that will eliminate that shift in the 1/4, so I really think you get more benefit from a smaller diameter tire to get the car in the higher revs quicker. Not to mention lighter wheels and tires.
TB