In a round about manner it sounds like you're building a Buck converter. Would that be the case?
Tt would be worth also considering mosfets, 170V isn't actually that high, and most commercial PSUs at twice that voltage are still using mosfets. What's the input voltage?
Sizing up parts for a buck converter is pretty straight forward given a set of requirements, and there's plenty of app notes out there (and many many books).
But to answer your questions about inductor ratings. The current rating is the DC current at which the device will reach max operating temperature given a specific ambient temp (e.g. usually 25c) due to the copper resistance. The Saturation current is the peak current where the core material moves out of the relatively linear region on the BH curve. In short, your RMS current can not be higher than the current rating (in fact you need to de-rate that for ambient temp and add margin,) and the peak current should be kept well below the saturation current.