I've flattened the hard vinyl tires before with a lot of success. I sanded, carved, or otherwise removed a section of the tire (tread and sidewall) enough that it looked mostly flat, then melted it with a candle and pushed it onto a flat surface. the result can be seen on my 1969 Charger in the link below my signature.
Al's got a good point about the suspension needing to be adjusted, it does take a little tweaking to get it to sit right.