If you use a 220 Ohm resistor instead of the desired 250 Ohm your voltages would be 0.88 V at 0 PSI (4 mA) and 4.4 V at 20,000 PSI (20 mA). That should get you raw readings from 180 to 901 or about 28 PSI per step.
You have to run the 4 - 20 through a 250 Ohm resistor, that will give you 1 - 5V, connect that to an analog pin with a 27k resistor in series, DO NOT connect the signal DIRECTLY to a pin, if something goes wrong and 24V gets connected to a pin, bye bye Arduino.
Yes, that should work, any time you have a potential voltage greater than VCC + 0.6V, you should have a current limiting resistor in series to limit current below 1mA, in your case, 30V max - 5.6 = 24.6 / 0.0009 Amps = 27.1 k. Suppose the connection from the bottom of your resistor to GND was broken, the sensor, trying to drive 4mA into an open circuit would jack the voltage up to max, near 30V would be applied to A0 but the 27k would limit current to a safe 0.9 mA.