There are at least two aspects to look at here. As for the tank, you should not take it below 15 psi (one atmosphere) unless you want to open it up to inspect it. That's really more than what's needed to keep out moisture and other crap from getting into the tank.
That being said, why would anyone want to breathe their tank down so low? There are very few circumstances where this would be appropriate. In fact, I can only think of one: a pool. For all other situations, you want to keep a sufficient reserve to accommodate any contingencies, including your buddy running out of air. For most divers, doing a no-deco dive, the goal to come up with 500 psi is a good one. I suggest to my students that they should start their ascent when their tank pressure equals 10 times their depth or 500 psi, whichever is greater. That's enough to surface with, and you might even be able to do a safety stop.
However, it's also important not to blow off important things like safety stops just to get out with 500 psi in your tank. Yes, I've seen this happen and it's kind of scary. After all, those dive masters can be quite intimidating on the boat when they demand that you surface with no less than 500 psi. They want you to plan your dive in such a way that you come up with some reserve. However, if you have to go below that to do accomplish a safety stop, there should be no question: DO THE SAFETY STOP. Don't run out of air during the stop, but at this point, I would be willing to surface with only 50 psi or so. If your buddy is close and has plenty of gas, go on their octo for the duration. Just don't run them out of air.