Ultimately how much is your time worth? in the example given drcongo's time is worth £1.28 an hour.
Besides, with a smaller tank, you'll make more trips to tank it, and also have less choice to go to gas stations that are further away but have cheaper price. Then again it becomes a question of "Do I want more time or more money?", back to square one :)
Edit: Also, someone correct me if I'm wrong, but doesn't the fuel pump use fuel itself as a coolant or something? Never investigated myself, but some car-knower once told me that running the tank on low always isn't good for the fuel pump, or something like that. If that's true, running with 10% of the fuel would mean more maintenance too, potentially removing any savings in the first place.
I know very little about these things, but my understanding was always that any form of liquid pump uses the liquid itself as coolant to some extent.
On a related note, my car has a fuel heater, to pre-heat the Diesel before it hits the engine, I assume this is typical in modern cars, but using the fuel as a coolant would presumably contribute positively to this desire for warmer fuel entering the cylinders.
The main issue is that it risks pulling detritus from the very bottom of the fuel tank, usually a bigger issue in diesels and I suspect less of a problem these days.