If your tip is a sponge, I suppose it would, although I have been putting my tips down for 45 years with no ill effects at all. Besides with tip up, if you don't clean off the tip (and not on the carpet either), you get blue chalk all over the underside of the lid, and I would rather it be in the bottom of the case, if at all.
If you don't want to look like a newbie or tinhorn, then get at least a 2 x 4 case,and don't worry, you will fill it faster than you think. Even a soft case looks better than those skinny hard cases that are a 1 x 1 or 1 x 2.