potentiometer as variable resistor

It makes no difference if everything is OK - but if the wiper should go O/C then the resistance goes O/C - except if the wiper is connected to the end, then it goes to maximum resistance.
 
Just be careful about power disipation, as it's very easy to violate a POT's power rateing using it as a resistor if you get too close to the low ohm end.
 
In my oppinion potentiometer shouldn't have just a power rating, they should have a current rating. For example 100mW might be alright if it's heating the entire track but not if it's only heating a small portion of it.
 
just put a fixed resistor in series with the pot. Size it to the max current you want through the pot (or based on other factors in your circuit).
 
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