I've seen it done, both as pictured with the fuel tanks inline, and in parallel with Y-connectors. I think inline would affect your tuning by delaying the response between exhaust pressure and fuel flow; it'd be like having 40 feet of tubing between the exhaust and the fuel tank.
I've also seen someone replace the fuel tank with a 500ml airplane tank, that would run forever...
For the most part, I feel like nitro vehicles have fuel tanks appropriate to their consumption. I'm usually checking on the level 2-3 times a tank anyway to avoid running it dry. (just bashing, not racing, not that you'd be able to race a dual-tank setup anyway)
If the tank were larger, I could go longer before I have to refill it, but I'd probably check it just as often. If it were running for 20+ minutes per tank, it would be very difficult to estimate/keep track of where you are in the tank and approximate when you need to top up.
Only my 1/16ths feel limited by their fuel tanks, I basically get a pass in each direction before I need to refill their little 45cc tanks.