Stone once bubbled...
Your equation is an estimate that works great for scuba tanks (small internal volumes), and it is especially accurate when the actual tank pressure is near the working pressure.
The equation that uses the internal volume of the tank takes into account that, at 0 psig, there is still 1 atm of gas in the tank. Your equation says that, at 0 psig, there is a vacuum in the tank (0 cf of gas).
At a tank pressure of 3500 psig (assuming a service pressure of 3500 psig) your equation and the equation that takes internal volume into account result in exactly the same answer. As the tank pressure heads toward 0 psig, the error between the two equations increases until it reaches the internal volume in the tank. In the case of an HP 120, that means an error of 14.1 liters.
The equation that uses internal volume is only an estimate as well, because pressure vs volume is not really linear.