We don't do it with the wing tanks, which are rubber bladders, but we do run the tip tanks dry.
Our configuration has six wing tanks, from inboard to outboard there's the mains (30g each), the auxes (15g each) and the tips (15g each) giving a total of 120g and a potential problem with keeping track of where the remaining fuel is if you are not careful. There are two fuel selectors, one for each wing. If you do not close one of them, fuel can crossfeed via the sump and you won't know where the fuel is. We keep a detailed fuel log with the amounts used from each tank, using our fuel computer. These amounts are checked by dipping the tanks and by noting the uplifted amounts. Thus we have a good idea when a tank is supposed to run dry, almost to the liter. The fuel computer is a bit conservative so it may take a minute or so longer, but when we plan to run a tip tank dry we are ready. The moment the fuel pressure drops, we switch. The engine is windmilling and has no trouble restarting. It takes quite a while for the plane to slow down. Even when the switch is to the other wing tank, with the longest route for the fuel to reach the engine, there is no altitude loss.
The disadvantage of running the tank dry is that you won't have remaining fuel in the line, so it will take longer for the new fuel to reach the engine. But the advantage is that you don't have fuel sloshing around that is of no use and sits in the worst position for balance.