I run my LB7s to the fuel light every time. My truck's original CP3 (290,000 miles) was only replaced because I went to a 12mm stroker when I built the motor. Suburban has the original still.
Between the truck and Suburban, I've run out of fuel 5+ times (cracked fuel pickup tube and calibration issues from the swap respectively). No problems so far.
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Just because you haven't had a problem doesn't mean it isn't an issue, we all know air in fuel is hard on pumps and injectors why risk it