Yes, Yakmar, your numbers sound correct. There is very little difference between the 295/50's and the 305/50's. For some reason when I read your post, I saw 285/50, and I knew that to be outside the specs for ABS requirements. I apologize for my misreading. Both the 295's and 305's should be fine....I picked the 305's because the are bigger (!!!) and the Tire Rack recommended them for my wheels.
Now regarding why ABS has the specific requirements it does (I think it is 1-2% leeway maximum), I am unclear. I remember reading where it has something to do with how it calculates applying pulses to the brakes, which is the name of the game with ABS. If the tire diameter is more than a couple of percent off, then this calculation will be off, and ABS will not work properly. What consequences befall someone who does this, I don't know, but I would rather not be the one to find out.
I have also heard that you can change tire diameter within the computer if you like, reprogramming it, which if you do this to correspond with the new wheel/tire combo, will send the ABS proper information and there will be no problems. You can have whatever wheel/tire size you like this way.
EDIT
After some researching, I found that the OD of a 285/50-20 is 31.2", which actually might be okay, as will the 295/50's and 305/50's. However, I will be going with the 305/50's regardless.
Thanks again for all of your input, I learned something.