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Might work. I used to have 15x10 with only 4" backspacing and had a 325 tire on it. Didn't notice any rubbing, only after removing the wheels and tires the next season did I see slight scuff marks on the outer wheel lip where they must have come into contact a few times.
4.5" will work in terms of the wheel it just depends on the tire and how far it's going to stick out from the wheel. Notching the frame will help with clearance and won't affect strength if you box it in properly.
If it does end up rubbing you COULD use a spacer, but I'm guessing since you're talking about 10" wheels and slicks, you're going to race this thing, and spacers can be dangerous in that situation. I use wheel spacers on my car but it's street driven.
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