I'm running 235x60x15 front tires. I'm about to purchase some drag radials for the rear and want to fit a little more meat back there. If I went with a 50 series I could fit a 295 as opposed to the 275x60 I have now. Would this effect the drivability in any way?

A shorter rear tire will reduce your maximum speed, but it should allow the car to accelerate a little quicker, all else being equal...

It will also cause your cruise RPMs to be a little higher, but no significant...

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"Once you go RAT, you never go back..."
TC #1366
Tony
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Well, since i'm going wider wouldn't the sidewall ratio or 50 be just as tall as the 60 ratio on a 275 tire?

The 295/50's aren't wide enough to make them the same height as the 275/60's. The 295's are about 26.2" tall. There will probably be about a 1" difference. Dean

to calculate the tire sizes:
for example 295-65r16
first convert 295 to inches from mm.
so it would be 195/25.4 which = 11.6"
then multiply it by the profile, 11.6 x .65 = 7.54" multiply it by 2 since there are 2 side wall thicknesses across the diameter, = 15.08". then add the rim dia. + 16 = 31" total height of tire.
so a 295-65r16 has:
height of 31"
wide 11.6"
7.54 side wall height.

then use that in this formula:
rpm = (mph x gear ratio x 336)/tire height.

so ex: 2152 rpm= (60mph x 3.31 rear gear ratio x 336)/ 31" tall tires.
do this a few times and you will begin to see how the different factors affect your situation.