Sure, your MTBF would be affected running any component at it's limit. What determines a resistors wattage... like everything else, a certain temperature rise!!! As long as you can keep it "cool" your OK.
Convection, while better than radiation, still isn't as good as conduction, for thermal cooling, so why would you want to move the resistor further away from the PCB. If it's a power run, it should have nice BIG & FAT copper traces which should have much more surface area than the resistor itself. I can't be 100% certain about thru-hole components (been away from them too long), but SMT resistors have to be de-rated over temperature.
While it would be nice to have 50% de-ratings, there can be times when things like that can actually hurt you... take a SMPS primary switching FET for example. Say you look at the drain waveform and see a 120V spike. Now, a 150V MOSFET might have a Rds on of say... 50 milliohms and work just fine, while a 250V MOSFET might have a Rds on of 150 milliohms, so that's a factor of 3 higher for power dissipated... which one would you use??? Of course it would be the 150V MOSFET!!!!