1. Yes; I've been tuning along those lines for nearly four decades. What songs work: anything with power chords that benefit from sounding sharp, free of flutter.

2. The error between the equal temperament perfect fifth and the pure one (3/2) is just less than 2 cents. So the difference I'm talking about is at the same level of accuracy as that of pretty excellent guitar intonation. The corrections are not simply for equal temperament; they are not separable from the condition of the instrument and its intonation. The given instrument is what it is, and to get those 1-5-8 power chords to sound clean you do whatever you have to.