It does not matter whether you are wearing the weight in the form of lead or a negatively bouyant tank. I use steel tansk for the same purpose - to reduce the amount of weight I have to carry on a weight belt or in weight integrated pockets.David P:ok forgive my ignorance (new diver and lack of coffe this morning), I am a large guy, 6'4" with a chest that an off the shelf 3x wetsuit wont wrap around... I have so much buyancy due to the wet suit, I wear about 30lbs of lead. If I were to switch from aluminum tanks to steel, couldnt I drop some lead weight to compensate for the heavier tank and not have to worry about extra buyancy from a larger wing or carring a bag?
The difference is that the weights are usually readily ditchable while the tank normally is not. On a deep dive where the wet suit will lose a lot of it's bouyancy, you need a wing with enough lift to keep you neutral at the bottom. Plus, you should make sure that you can swim you and your gear up with the wing empty in the event it ever fails. If you can't do this, you need to have some type of redundant lift. This could be in the form of a double bladder wing or a lift bag.
Ditchable weight is the more traditional menas to achieve bouyancy in an emergency as you can drop the weight and ascend to the surface. This is more or less acceptable in a shallow recreational setting but could be a major problem in a deep or technical setting as dumping weights means you will be going all the way to the surface and that may equal getting bent.
So personally, I see no downside to carrying the needed weight in the form of a negatively bouyant tank as opposed to lead weights. Just take care to ensure you are not overweighted as that will aggravate the problem in an emergency.