Sorry, not quite. The old "crystal" diodes would fail open pretty reliably,
but modern diodes frequently fail shorted, too.
Fusible resistors have their place. The spec tells their current rating.
Also, several manufacturers make small axial lead fuses which have the same
form factor as a 1/4W resistor.
I've worked for a battery charger manufacturer, and they used "fuse wire"
which was rated in amps, like 20, 30, 40 and so on. When they blow, it's a
mess since molten metal drips all over everything. It handled like fat
solder. A fusible link was generally a couple of inches, with a lug at
each end (crimped _and_ solder-dipped =:-O ), bolted right onto the diode
stud.
A fusible resistor is, as he's said, a resistor that will open like a fuse.
If what you're looking for is just fusing, then probably a fuse would be
your best bet.
I'm only a tech[0], but I would _never_ use _any_ component in a way where
the things that are supposed to cause it to blow up are a part of the
normal operation of the circuit. In other words, _don't_ use a diode where
you're supposed to use a fuse!
Good Luck!
Rich
[0] with approx. 45 years' experience, only ~10 of which were as a larva. ;-)