Whenever I take over a new project I immediately endeavor to fix all the warnings. The reason is simple: I've spent too much time chasing bugs that were directly related to a specific warning in a sea of them. Once you get a project warning-free it's quite easy to keep it that way.
Regarding the author's specific complaint--unused variables--I find that it's quite simple to comment out the declaration. There's no need to resort to pragmas in this instance.