Yes it can lead to a shorter life expectancy for the fuel pump but not considerably and with the crap manufacturers are using for parts nowadays I doubt you would notice.
The reasoning is simple the fuel in the tank keeps the pump cooler and an 1/8 of a tank of gas doesn't fully submerge the pump. I never have more then a quarter tank of gas in my cars unless I'm loading up for a road trip and I've never had a pump fail prematurely.
Condensation and rust in the tank wont be an issue chevs haven't had steel tanks for well over a decade now.
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