I don't believe there's any reason for vicroads to inspect the vehicle so long as you supply the cert and a RWC if that was required by the engineer.
If you are pinged with the 34's on how much hassle you are in for will depend on the discretion of the Police officer involved.
Best case: nothing at all. You might get the "don't let me see the car again with those tyres on it"
worst case, (assuming you're tyres aren't speed rated, which I have a feeling they aren't

) you get a red canary and can't drive the car ANYWHERE - you are walking.
Generally, if you're polite, sober and the car is otherwise legal looking, you might get a "they're a bit big mate" talking to, no canary on the windscreen, and a "notice to fix" for "condition of tyres"
If the police officer is a bit more suspicious of your car, when you get the "notice to fix" the officer will tick the "RWC" box on the bottom of the form. If you are engineered, that's no problem - put the legal tyres back on and get a RWC. A hassle, but no biggie.
*Grimbo voice on* of course, you aren't technically insured in any way ( including TAC) if your tyres aren't speed rated in accrodance with the ADR, hence the reason you are technically liable for a red canary. *Grimbo voice off*
Experience indicates that that's very unlikely, and you'd probably have to do helis around the cop car to make one that angry.
This is based on experience with 34's and bigger in Victoria.
Steve.
[quote="greg"] some say he is a man without happy dreams, or that he sees silver linings on clouds and wonders why they are not platinum... all we know, is he's called the stevie.[/quote]