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Yes, it is safe to use 205 tires with the holey rims.
205/50-15 will work in performance applications such as autocross, track or driving school events. It runs smaller than stock outer tire diameter so you get the advantage of "lower gearing" but your speedometer and odometer are not as accurate (shows a speed higher and more miles traveled than is correct).
For street use, 205/55-15 will work ok.
Holeys are 15x5.5"
I use 205/50-15 Kumho 710's on one set of Holeys for autocross use, but decided to go with a smaller tire for summer/street performance use, and use 195/55-15 Toyo T1R's on the other set of Holeys I have.