There wouldn't be a "noticeable blurp" because a bubble of air in the line will simply cause the engine to go lean for a second, assuming that the fuel in the line is replenished soon enough. If not the engine would go lean, then quit.

Red's right though, the main reason the engine doesn't quit is because it's very difficult to maintain a dive long enough to use up all that fuel in the line. If the engine is throttled up in the dive then the fuel will remain at the back of the tank, if the engine is at idle, then the consumption is very low.

Keep the clunk at the back of the tank.
Dennis-