10% can be a pretty significant tolerance. If I tested a 330 ohm resistor and only found 297 ohm, I would probably replace it. I use resistors with 5% tolerance. The greater wattage generally means the resistor can handle more current...not sure if there would be a significant reduction in heat. You will often see rebuild recommendations to increase from 1/4 watt resistors to 1/2 watt resistors.
Generally you should always replace a bad resistor with the same ohm and wattage...unless there is a compelling reason to put one in with a higher wattage.