Pots are used for position measurement in some applications, but as others have observed not every pot will do, and even then failures are possible.
A few years ago, I had to fix a mobile boom crane. The position of the boom was measured using a cable to a spring loaded drum, and a pot measured the angle and number of turns of the drum.
The pot track had failed, so the anti-tilt detector prevented the crane from lifting anything and sounded the alarm all the time.
In this application the cycles are small compared to a machine where an encoder would be used, and the effect of wiper friction was not significant.
So it depends on many factors, as the other answers show, but it also is affected by how long you want it to work for, whether this is an installation you are selling to someone or is for yourself or is just a test.