the often touted "tank height" difference affecting engine performance is largely a myth.
Largely? Well we are making some progress. Your example of just holding the engine up or down might have validity if the airplane worked in a 1 g environment. Just about any sport model can pull 10 g in a loop. Start doing horizontal eights and you want the engine to maintain the same power capability in both positive and negative portions of the maneuver. If operating a suction style carburetor equipped engine, tank position will get you there.