I suspect you don't really understand the wattages involved? - and a rating of 24W isn't only going to draw 1W, and wouldn't be terribly bright if it did. 1W from an LED totch is pretty damn bright, but only in a small area - lighting to cover an area is MUCH more spread out and needs much more power.
A rheostat is an antique term (pre-1960's?) and usually refers to a massive huge wirewound device, such as used to be used in ancient theatre lighting (they used to have them where I went to school
) A modern device is a potentiometer, which is only low power, and designed to control electronics.
I think there's a problem because you appear to be hoping to control 24W with a device that may only be able to control milliwatts - there's also the issue that as you get towards the end of the track you get high wattage across only a very small portion of the track, which futher limits their power capacity.
If you're actually using an antique rheostat, then there shouldn't be any problem - other than inefficiency and heat.