Condensation can't really work it's way out, but you would tend to get more water headed to the carburetor.
On my first Model A, I had a problem with rust flakes in the tank getting into and clogging the filter bowl and wound up putting a small standpipe on the outlet valve to keep from drawing fuel from the very bottom of the tank. I don't have that car anymore, but I wouldn't be surprised if that standpipe is still in place.
