I'm not sure if the physical explanation for it is well documented anywhere, but it DOES appear that bullets do travel tip forward throughout their flight, rather than maintaining a constant tip direction from the barrel. I'd say it's safe to assume that this rule applies to the .17WSM as well.

Not able to run the numbers at the moment, but if you're honestly curious, I could do so later when I get back to the casa. It's a pretty straight forward simulation.

A bullet shot straight up has been proven to only hit around ~100mph on the way back down, which isn't going to be good for anybody, but is considered less than lethal. BUT... a bullet fired at an angle never reaches a static stall height, therefore can maintain higher decent velocity than it's terminal speed.

All that physics aside (how often do you boys hear me say that?!?!?!), I've shot literally thousands of .22lr, .22WMR, or .17HMR rounds upwards while coon hunting, and I know I'm not alone in that.

It all depends on where you're shooting. It's pretty easy to angle yourself away from the ONE lone farmhouse within a few miles if you're out in the middle of nowhere. Lobbing a bullet into the air in the direction of a suburb is probably a less than stellar idea.