[Bob Putnam]

"What are the laws about running non DOT approved tires on the street"

It varies from state to state. Maybe someone in OH knows the local requirements.

"What are the cons of running non DOT approved tires on the street"

A genuine race tire will pick up (and throw) all sorts of pebbles, especially when warm. Park the car and they will become semi-permanent additions to the tread.

Sidewalls that will be damaged by minor encounters.

A couple of years and the tires will start deteriorating from "normal" age.