I can use a much heavier weight on bench press if I do not go all the way down, is this beneficial?

Exercises should be performed through a full range of motion in order to develop strength through the full range and to maintain flexibility. Do not sacrifice technique to use heavier weight. If your goal is to improve your strength, try lowering your repetitions and increasing your sets on each exercise. Strength improvements are best seen with low repetitions of 4-8. Your strength will also improve if you allow greater rest between your sets, often a 2-3 minute break is required to recover from a heavy set. If you are happy with moderate strength improvements or just looking for a toning program then keep your repetitions between 10-15 and keep your breaks between 20-30 seconds.

Poor exercise technique usually ends up targeting the wrong muscles which can lead to muscle imbalance injuries. Your movements must be slow and controlled through the entire range of motion to avoid an injury. An exception to the rule of proper exercise technique is when an injury prevents full, pain-free range of motion. In this case the exercise should be performed throughout the pain free range only and your physician should be contacted to be sure that you are not performing any contra-indicated exercises.