The logic is sound, but I think your math is off by a factor of three. 1/20th of 72 inches is 3.6 inches, not less than 1 inch.
But in addition, 40/1000 is 1/25, not 1/20. 1/25th of 72 inches is 2.88 inches, or just shy of 3 inches. So the 40 gallons would add about 3" to the fluid in the tank, not one inch.
At least your logic is sound, and even three inches is not a big deal.
Here's one where the logic wasn't great: A long time ago somebody said that by no longer putting "yellow" toilet paper in the toilet, they increased the amount of time the black tank lasts from 5 days to 14 days, and recommended it as a way to increase capacity in the black tank.
I showed the calculations to convert the volume of a roll of toilet paper into a volume of liquid--it's about a quart. I said that was 1/2 of 1 percent of the OP's 47-gallon black tank capacity. Kirk jumped in with a picture of a package of 24 rolls of toilet paper, noting that even that was less than a 5-gallon bucket.
The yellow toilet paper diverter said it's bigger unrolled.