Do you need/use a "scratch" disk?
Is "S.M.A.R.T." testing valid on SSDs?
My understanding is that the "wear" on those devices is the limited number of re-writes to any cell/sector. Not sure what you mean by "reformat. That
can mean zeroing all locations. But it
usually means simply erasing the files/block/sector allocation directory (although I'm not sure exactly what it's called now days). That's just a few megabytes of data and is why the task is so fast. It doesn't actually erase/delete what's on the rest of the drive.
The allocation/sector directory may be where the failed (Relocated Sectors) are, since those cells get written to more often than any others, I would think. Probably best to NOT use that drive for critical info. OWC may give you good advice... or they may just "encourage" you to replace it.
Whether or not it's good to have these warnings is still a question for those above my pay grade.