That's where mine is too (under the tank, up front)-- but my car almost burned to the ground regardless. I change my rubber regularly, have good clamps on every hose, and am hard-piped in most places.
In my case, it was a loose ignition module that caused a bad backfire that had a fire going in the 1/2 carb. I'm no insurance actuary, but I'd venture a guess that in these cars, the backfire situation I describe is the cause of more than half the cars burning. I'd venture that a plastic fuel filter melting in half and spraying the engine with fuel isn't the cause of 1/10 as many. Everybody bangs on those little filters, then uses 30 year old cloth-covered fuel line because it looks cool.
Just use common sense. Clamp your rubber lines. Replace them every few years, fix plugged idle jets and loose ignition modules as they arise. If your car starts running badly, stop and get out to determine you aren't becoming a rolling campfire.
Nothing is 100% fool-proof, and nothing short of a full Halon system is going to be 100% effective. Not a 5 lb or 20 lb hand-held, not a short piece of PEX with a fire retardant inside. That said, I'd still not ever roll one of these without at least something available, however unhandy. Having one is no guarantee you won't lose the car, but not having one is just asking for it.