yeah, current control is best.
LEDs are rated for Current however. what that means is this: when you run the LED exactly at its rated current..say 350ma. then you can EXPECT to see the indicated Vf drop across it.
but there is a Vf variation always since not all LEDs are created equal, so putting the same rated Vf into identical Binned LEDs does not guarantee that both LEDs will run at their rated current. one might be slightly under, one might be slightly over.
current regulation actually regulates the voltage through a current sense resistor to make sure the LEDs get EXACTLY the rated current. so the only thing a lower Vf would indicate in a current regulated design is the fact that it will consume less power because it will require a lower voltage to drive the LED at its rated current. and since power = V*I. keeping the I constant leaves only one variable to change for efficiency. the Vf, which means a lower resistance of the LED itself.
and yes. since current is the same through all in-line components, you can use V=IR (total voltage drop = total current * total resistance).
if you know the difference in voltage between say 6V and your LED Vf of 3.44v, the remaining voltage you need to drop is 6-3.44 = 2.56V...and you already know the current you will need so I = 350ma
so 2.56V = 0.350*R
solve for R, you get 7.3 ohm resistor.
since you probably wont find a 7.3 ohm, you can drop the resistance to a common 6.8ohm and plug it back in to recalculate the current.
2.56V = I*6.8
solve for I you get 0.376A or 376ma, about a 26ma overdrive.
for resistor wattage rating all you need to do is multiply I*V so 2.56*0.376=0.96 Watts, this is a very good size resistor and a lot of energy wasted, and it will get quite warm, as you'd expect it to. the more voltage it drops and the higher the current at that voltage, the more head it needs to dissipate.
thats why a low Vf and high flux is preferable, because the LED will generate less heat and more power will go to producing light.