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I wouldnt risk it.

I did that multiple times. Wouldn't recommend it, tho.

It's against the rules in Steam's Subscriber Agreement. So you do risk being banned if they discover that you've been doing it. Whenever you register a game Steam keeps logs and it's easy to tell if you've used a proxy, so this is something that could easily come back to haunt you many years down the line.

You'll probably be fine, but, well, it's still not worth it. Would you really want to live with a constant risk of losing your account just because you've decided to cheat the system? In case if you want to get something like Tell Me Why, the safer way would be just to pirate it (I mean, the publisher doesn't want you to buy it anyway).

you need to switch your steam account country nowadays and there is a cooldown of i think 14 days to change it again