Not quite correct. If you have a tyre with a larger OD on one side and a smaller OD on the other the tyre with the smaller OD will wear out quicker than the one with the larger OD because it has to rotate more to travel the same distance.
It is not good for the car to do this and should only be done for emergencies. It will affect the handling,the ride and the mechanics.
It is not necessarily the profile of the tyre that is illegal but the OD of the tyre.
There are a few of issues here. One relates to compliance plates (speed and load ratings),one to state laws (you can only vary the OD by X amount) and one to insurance,both 3rd party compulsory and comprehensive.If you have an accident with illegal tyres and they investigate they WILL cancel you comprehensive and it can lead to you being sued by any injured third party as the insurance company can say that the modification,which it is, contributed to the accident, lets say 30% , therefore will pay 70% of a determined claim and the injured person can sue you for 30% of the claim.