Z sources are bright neutron-star X-ray binaries, accreting at around the Eddington limit. We analyze the 68 RXTE observations (270 ks) of Sco-like Z source GX 17+2 made between 1999 October 3-12, covering a complete Z track. We create and fit color-resolved spectra with a model consisting of a thermal multicolor disk, a single-temperature-blackbody boundary layer and a weak Comptonized component. We find that, similar to what was observed for XTE J1701-462 in its Sco-like Z phase, the branches of GX 17+2 can be explained by three processes operating at a constant accretion rate Mdot into the disk: increase of Comptonization up the horizontal branch, transition from a standard thin disk to a slim disk up the normal branch, and temporary fast decrease of the inner disk radius up the flaring branch. We also model the Comptonization in an empirically self-consistent way, with its seed photons tied to the thermal disk component and corrected for to recover the pre-Comptonized thermal disk emission. This allows us to show a constant Mdot along the entire Z track based on the thermal disk component. We also measure the upper kHz QPO frequency and find it to depend on the apparent inner disk radius R_in (prior to Compton scattering) approximately as frequency propto R_in^(-3/2), supporting the idenfitication of it as the Keplerian frequency at R_in. The horizontal branch oscillation is probably related to the dynamics in the inner disk as well, as both its frequency and R_in vary significantly on the horizontal branch but become relatively constant on the normal branch.