While you might not have a catastrophic tire failure, I wouldn't consider it safe. The tires will heat up *much* more quickly and would probably hit a much higher peak temperature than if you ran the tires at their normal pressure (either 65 or 80 psi depending on whether they're load range 'D' or 'E'), especially at that speed. If you really really want to run the tires that low, then I definitely wouldn't go faster than 60mph.
I think it would be much better to run the tires at whatever they say on the sidewall, and get yourself a set of Rancho 9000 shocks. I don't have them yet, but from what I've read here they're adjustable and on their lower settings can soften the ride tremendously.
Mike