Are 1% resistors better for FX projects?
1% reisistors (metal film) are quieter that standard 5% carbon film resistors, besides having tighter tolorance. They aren't necessary in 9 out of ten projects. The Rangemaster benefits from them, as do many modulation pedals. They are more expensive. It's your choice. I always use them, I don't need them, but I use them. Like metal film caps, every little bit helps to keep noise and hiss out.
On the other hand, most popular effects were designed to work with the cheapest components available. You can build most fuzz/distortion type pedals with the cheapest, crap components around, and they'll still sound fine.
Speaking of resistor cost, Circuit Specialists has 1/4watt carbon film's for $2.00 per 200, and $3.00 per 1000!!! :) Take the most popular values, or the common ones for all the projects you're going to build, and you can get a good supply cheap.
http://www.web-tronics.com/resnewsec.html