As you've now realised, you dont need resistors for the fixed 5V version
However lets suppose you were using the Adjustable version, and you still wanted to know about resistor wattage. The important thing to realise is that the load current doesnt flow through R1 and R2, they are simply feedback resistors.. so it's irrelevant how much current you are drawing from the regulator.
The regulator works by trying to maintain the 1.25V reference voltage between the Out and Adjust pins. For good regulation, you want a certain amount of current between Out and Adjust.. with the example 120 ohm resistor shown in the datasheet for R1, 10mA will flow into the reference. Using P=I^2R you can see that this is 12mW dissipated in R1. As R2 is typically a much larger value, you can see that the dissipation in it will be even smaller still. So your 0.5W resistors are more than capable
The reason adding resistors has an effect on the fixed 5V version is because you are effectively shunting the internal resistor network, and changing the voltage. If you look at Figure 7.2 in the
TI datasheet you can see why that is.