You only need to check the name/entity. I scrubbed all over to find the requirement for checking address as well but I can't find any requirement. However, some institutions have it in their procedures to check the address also. I would refer to your OFAC risk assessment and use that as your basis. Remember if you don't put the address in your OFAC search, you still need to pay attention to the sanction countries. Keep in mind the travel rule too.
You have to check your customers at the time of the wire. The OFAC examinations procedures in the BSA FFIEC manual (page 158 #6 - 2nd bullet) states they will look timing and docmentation evidencing the searches.
Isn't the easiest way 'to pay attention to the sanctioned countries' to check the address?
Also you do need to scan the originator-to-beneficiary information. A bank was penalized a couple of months ago for not checking that field in their wires.
If you have a computer system, just check every entity and all text on a wire all the time.